Things are smelling a bit fishy on Truth Social, folks.
Just recently, we reported on bombshell news from the New York Times, revealing that the company behind ex-President Donald Trump’s floundering social media platform, Truth Social, had been smacked with an onslaught of subpoenas from the SEC and a grand jury for the Southern District of New York.
But now, conveniently enough, it seems Donald Trump, along with his son Don Jr. and a slew of other key allies, were all of the sudden removed from the board of Trump Media and Technology Group (TMTG) just a few short weeks before those subpoenas came down the pike, according to new reporting from the Sarasota Herald-Tribune.
TMTG is the company that owns Truth Social, the massive flop of a social media platform that was recently launched by the washed-up ex-president following his brutal and indefinite ban from his dear diary Twitter in the aftermath of the January 6th Capitol insurrection. The platform has been embarrassingly slow to grow, riddled with technical bugs and various never-ending issues, which even led Trump himself to be rather slow to make any movement on the platform, though he’s recently seemed to finally turn his focus to his own company and platform with an influx of unhinged posts in recent weeks, especially on the heels of the January 6th Committee’s damning public hearings.
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The news of the subpoenas that were issued against the platform first broke in late June and effectively sent stock prices for TMTG as well as Digital World Acquisition Corp. brutally tumbling. Digital World Acquisition Corp. is a special purpose acquisition company (SPAC) that is supposed to soon merge with TMTG to take the company public which would, according to various reports, supposedly rake in a staggering $1.3 billion in capitalization for the company and allow them to be listed New York Stock Exchange.
Subpoenas were also issued against Digital World’s directors, with Axios’ Dan Primack reporting, “There have been some attempts to frame these investigations in political terms, but they appear to be more about apolitical securities law. Namely, that blank check companies can’t court potential targets prior to their own IPOs — which is something Digital World Acquisition is speculated to have done.”
When it comes to TMTG, on April 18th, the company registered as a for-profit corporation under Florida law with a Sarasota. That original filing was ultimately updated in an amendment on June 8th, that saw all of the company’s board members except CEO and former Congressman Devin Nunes and CFO Philip Juhan removed from the company’s board. This included former President Trump, his eldest son Don Jr., and two ex-Trump aides, Kashyap Patel and Scott Glabe.
The subpoenas from the SEC came just several days later, on June 27th, with the New York grand jury sending theirs on July 1st. In addition to the SEC and the NY grand jury, there is also an ongoing investigation by the Department of Justice.
The Herald-Tribune reported that the NY grand jury also issued subpoenas for “certain current and former TMTG personnel,” though the report does not identify those individuals by name.
The report reads:
In a statement, Trump Media said it ‘will continue cooperating fully with inquiries into our planned merger and will comply with subpoenas we’ve recently received, none of which were directed at the company’s chairman or CEO.’
What the statement did not mention was that Trump is no longer chairman, at least according to the state business filing.”
I’m not saying that this isn’t all one big coincidence. I’m just saying the timing couldn’t be more convenient if they tried.
Featured image via Flickr/Gage Skidmore, under Creative Commons license 2.0
