Former President Donald Trump has stepped down from the board of Trump Media and Technology Group, his social media company that is being investigated by the SEC and a grand jury in Manhattan. In a June 8 filing with the Florida Department of State Corporations Division, the company disclosed that Donald Trump stepped down as chairman of the board along with fellow board members Donald Trump Jr., Kayshap Patel, Scott Glabe, Wes Moss and Andrew Northwall. . Those departures from the board came just three weeks before the Trump Media and Technology Group was served with subpoenas from the SEC and a federal grand jury.
Trump Media and Technology Group’s Truth Social app posted a statement on the platform denying reports that Trump is no longer chairman of the company’s board:
Contrary to a fake news “exclusive” presented by a reporter who is unable to understand state business records, Donald Trump remains on the board of the Trump Media and Technology Group. In fact, the reporter admits 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 key words one would expect to see, a look at the Trump Media and Technology Group website shows a completely blank page for the Board of Directors. The link to the Florida filing is now broken, so it’s possible the company is trying to do some damage control.
The Sarasota Herald-Tribune was the first newspaper to report Trump’s departure from the board yesterday morning. Criminal investigation into Trump Media and Technology Group’s SPAC deal with Digital World Acquisition Corp. (DWAC) has been publicly known for several weeks, but DWAC apparently learned of the investigations on June 16, 2022. That would be 8 days after Trump left the TMTG board.
This wouldn’t be the first time Trump dumped his problems in the lap of shareholders. The DWAC SPAC deal is still open, which has the company’s stock down over 50% year-to-date.
This article is intended for educational purposes only and should not be taken as investment advice. Please consider your investment time horizon, risk tolerance and consult a financial advisor before acting on this information.