Former President Donald Trump has left the board of directors of Trump Media and Technology Group, his social media company which is under investigation by the SEC and a grand jury in Manhattan. In a June 8 filing with Florida Department of State Corporations Divisions, the company revealed that Donald Trump had left his role as chairman of the board along with other board members, Donald Trump Jr., Kayshap Patel, Scott Glabe, Wes Moss and Andrew Northwall. . These board exits came just three weeks before Trump Media and Technology Group received subpoenas from the SEC and a federal grand jury.
Trump Media and Technology Group’s Truth Social app posted a statement to the platform denying reports that Trump is no longer the chairman of the company’s board:
Contrary to “exclusive” fake news filed by a reporter unable to understand the state’s business records, Donald Trump remains on the board of directors of Trump Media and Technology Group. In fact, the reporter recognizes that Trump’s title is “president,” but apparently has no idea what a president presides over. Hope this helps clear things up.
While Truth Social’s statement certainly uses all the buzzwords one would expect to see, a look at Trump Media and Technology Group website shows a completely blank page for the Board of Directors. The link to the Florida file is now brokenit is therefore possible that the company is trying to limit the damage.
The Sarasota Herald-Tribune was the first news outlet to report Trump’s departure from the board yesterday morning, The criminal investigation into Trump Media and Technology Group’s SPAC deal with Digital World Acquisition Corp. (DWAC) has been known publicly for several weeks, but DWAC apparently discovered the investigations on June 16, 2022. This would be 8 days after Trump left the board of directors of TMTG.
It wouldn’t be the first time Trump has taken his problems to shareholders. The DWAC SPAC deal is still pending, which has company shares down more than 50% since the start of the year.
This article is for educational purposes only and should not be considered investment advice. Please consider your own investment time horizon, risk tolerance and consult a financial adviser before acting on this information.