Donald Trump Said to Step Down as Director of Media Group in June, Weeks Before SEC Subpoena

TMTG received subpoenas from the US SEC and a federal grand jury in the Southern District of New York on June 27 and June 30, respectively.

Donald Trump Said to Step Down as Director of Media Group in June, Weeks Before SEC Subpoena

Photo Credit: Reuters

TMTG did not respond to a Reuters request for further details on the filing

Highlights
  • TMTG agreed to merge with blank-cheque firm Digital World in October
  • The SEC and FIRA have been investigating the deal
  • Trump Media last year lined up dozens of investors

Former U.S. President Donald Trump was removed as a director from the board of Trump Media & Technology Group (TMTG) last month, state documents showed, weeks before the firm was served with subpoenas from federal authorities.

The document from the Florida Department of State Division of Corporations, dated June 8, also showed that Donald Trump Jr and Kashyap Patel were removed as directors.

Truth Social, the social media platform owned by the company, said in a post that Donald Trump still remains on the board of TMTG.

TMTG did not respond to a Reuters request for further details on the filing.

The company received a subpoena from the U.S. Securities and Exchange Commission (SEC) on June 27 and another subpoena from a federal grand jury in the Southern District of New York on June 30, regulatory filing showed last week.

TMTG agreed to merge with blank-cheque firm Digital World in October and the deal was expected to close by the second half of this year.

The SEC and the Financial Industry Regulatory Authority have been investigating the deal since late last year. On June 13, Digital World said the SEC had sought more information on the deal. The SEC has been looking into whether Digital World broke rules by having substantial talks about buying Trump's company starting early last year before Digital World sold stock to the public for the first time in September. Just weeks later it announced it would be buying Trump's company.

Trump's social media offering, called Truth Social, launched in February. It said it is fighting Big Tech limits on speech. Trump was banned from Twitter, Facebook and YouTube last year after the January 6 Capitol riot.

Trump Media last year lined up dozens of investors to pump $1 billion (roughly Rs. XXX crore) into the company, but can't get the cash until the Digital World acquisition is completed. An additional $300 million (roughly Rs. XXX crore) would come from Digital World itself.


What are the best tablets? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: TRUTH Social, Donald Trump
Meta Quest Users Will No Longer Require Facebook Account to Login: All Details
Crypto Lender Celsius Network Sued by Former Investment Manager Alleging Fraud
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.