Donald Trump left the board of his social media company weeks before federal subpoenas

[LetMyPeopleVote]

I have been following this story for a while. I never understood how this deal made any sense economically. Digital World Acquistion is a SPAC that nominally raised $1.3 billion but due to redemption rights that amount could go down to $290 million. Trump Media and Technology is a company that is owned by TFG that has a approximately $50,000 in assets on its balance sheet and no real revenue. If this merger had gone through, TFG would have access to between $290 million and $1.3 billion in assets to run a new media empire. TFG had hired Devin Nunes to run the company and NUnes gave up his house seat to go work for TFG.

SPACs are sketchy to start with and this one has a ton of fraud built into it. Both the SEC and the DOJ is subpoenaing both DWA and TMT. That and TFG resigning from the board is good sign that this deal is dead. Poor Devin Nunes is the only left at this company and that makes me smile

Link to tweet

https://www.cnbc.com/2022/07/07/trump-left-social-media-company-board-before-federal-subpoenas.html?utm_source=dlvr.it&utm_medium=twitter

Former President Donald Trump left the board of his social media company just weeks before it was issued subpoenas by the Securities and Exchange Commission and a federal grand jury in Manhattan, records show.

Trump, who had served as the chair of Trump Media and Technology Group, was one of six board members removed, according to a June 8 filing with the Florida Department of State’s Division of Corporations. His son Donald Trump Jr. also departed the board, along with Wes Moss, Kashyap Patel, Andrew Northwall and Scott Glabe.

The “Board of Directors” page on Trump Media’s website appeared blank as of Thursday afternoon......

The subpoenas appear to be related to a proposed merger between Trump Media and Technology and Digital World Acquisition Corp. DWAC disclosed the connection with a criminal probe Friday. A week prior, DWAC said the government investigations could delay or even prevent its merger with Trump’s newly formed company, which includes Truth Social, a social media app intended to be an alternative to Twitter.

The Justice Department and the SEC, which regulates the stock market, are investigating the deal between DWAC and Trump Media. By merging with DWAC, which is a kind of shell company called a special purpose acquisition company, or SPAC, Trump’s firm would gain access to potentially billions of dollars on public equities markets.

[onecaliberal]

1. How did he know the subpoenas were coming?

[The Unmitigated Gall]

2. Left poor Devin with his dick in his hand?

Precious.

[Srkdqltr]

3. You think he was tipped off?

[Caliman73]

4. Everything Trump is involved with is automatically shady.

I don't think the man has worked an "honest" day in his life. His grandfather was a pimp, his dad was a crooked developer, most of the other Trump children didn't necessarily want anything to do with the shady business dealing, but Donald jumped at the opportunity to get involved in the racket. He has only succeeded in scamming people and evading major charges.

If I was wealthy enough to do any kind of investing in businesses, if I ever saw Trump involved in anything I was planning to put money into, I would run the other way.

[C_U_L8R]

5. Trump can't simply walk away from his accountability

When this ill-conceived spac is dissected, all that nonsense sticks to him and the other execs and board members. D&O insurance ain't gonna help if there's fraud.

[BlueJac]

6. Tipped off!

His minions!

[tanyev]

7. The cheese stands alone, Devin.

[ultralite001]

8. Is the RTumpster engineering a new backchannel w/ Russia???

Considering the recent partnership of (un)Truth Social with Rumble???

[link:https://wusfnews.wusf.usf.edu/politics-issues/2022-03-28/rumble-still-airs-russia-state-controlled-news-channel-headquarters-could-soon-be-in-sarasota|]