- Former U.S. President Donald Trump ceased to be a director of Trump Media & Technology Group (TMTG) in June, weeks before federal authorities served the firm with subpoenas, CNBC reports based on state documents.
- The Florida Department of State Division of Corporations document dated June 8 disclosed the removal of Trump as director.
- His son Donald Trump Jr. also departed the board, along with Wes Moss, Kashyap Patel, Andrew Northwall, and Scott Glabe.
- Also Read: Trump’s Social Media Venture Abruptly Loses Key Officials; Sparks Concerns
- The “Board of Directors” page on Trump Media’s website appeared blank.
- Truth Social, the company’s social media app, has reportedly denied Trump’s removal as a director.
- TMTG agreed to merge with special purpose acquisition (SPAC) company Digital World Acquisition Corp DWAC in October.
- The SEC and the Financial Industry Regulatory Authority have investigated the deal since 2021.
- On June 13, Digital World said the SEC had sought more information on the arrangement.
- Trump had targeted Truth Social to redeem his social media voice after Meta Platforms Inc META banned him from Facebook and Instagram following the Capital Hill riot. He was also one of the backers of the social media platform.
- Elon Musk’s proposed acquisition of Twitter Inc TWTR has fueled the prospects of Trump’s return to the social media platform. However, Trump chose to remain in Truth Social.
- Price Action: DWAC shares closed higher by 1.29% at $23.81 on Thursday.
- Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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