Topline
Former President Donald Trump was removed from the board of the Trump Media and Technology Group (TMTG)—the company behind Truth Social—on June 8, just weeks before the company was hit with subpoenas as part of federal investigations into its business dealings, according to the Sarasota Herald-Tribune, but Truth Social called the report “fake news.”
Then-President Donald Trump speaks to the press during a news conference in the James Brady Press … [+]
Key Facts
Donald Trump Jr., along with former White House staffers Kash Patel and Scott Glabe, were also among a group of six board members removed on June 8, according to the Herald-Tribune, citing state business records.
It is unclear what role, if any, Trump still has with the company, but records reportedly suggest he is no longer chairman.
Truth Social slammed the report in a statement Thursday afternoon, claiming Trump “remains on the board of Trump Media and Technology Group” and is still company chairman.
According to a Securities and Exchange Commission filing, TMTG was served with an SEC subpoena on June 27 and a Southern District of New York grand jury subpoena on June 30, and some company employees “received individual grand jury subpoenas.”
The subpoenas requested documents relating to TMTG’s deal to merge with special purpose acquisition company Digital World Acquisition Corp. (DWAC) in order to publicly list TMTG.
A representative for the former president did not immediately respond to a request for comment from Forbes.
Key Background
The deal between TMTG and DWAC was announced in October, leading to a short-lived trading frenzy that caused DWAC’s stock price to soar from around $10 to as much as $175, but the price has retreated back to $24 as concerns grow about whether the merger will actually go through. The SEC started reviewing the deal in December, after reports surfaced DWAC and TMTG executives may have held talks before DWAC went public in September, which would violate federal regulations that prohibit SPACs from agreeing to mergers prior to raising funds. The grand jury subpoena suggests the deal is the subject of a criminal probe.
Surprising Fact
Trump went months without posting on Truth Social after TMTG launched the Twitter-esque “non-woke” social media platform in February, but he’s frequently used the platform over the past few weeks to criticize January 6 committee hearings.
Tangent
TMTG’s office is located on the second floor of a building in Sarasota, but as of late June TMTG’s name was not listed on the registry in the building’s lobby or the company’s office suite, according to the Herald-Tribune.
Further Reading
Exclusive: Trump left Sarasota media company weeks before federal subpoenas were issued (Sarasota Herald-Tribune)
Trump’s Social Media Company Subpoenaed By New York Grand Jury (Forbes)
Shares Of SPAC Behind Trump Social Media Company Jump 400% (Forbes)
‘I’M BACK!’: Trump Pens First Truth Social Post In 2 Months—After Vowing To Stay Off Twitter (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2022/07/07/trump-reportedly-out-as-board-member-of-truth-social-company-but-platform-denies-claim/