Donald Trump removed himself from the board of his Sarasota-based social media company, records show, just weeks before the company was issued federal subpoenas by both the Securities and Exchange Commission and a grand jury in Manhattan.
Trump, the chairman of Trump Media and Technology Group, was one of six board members removed on June 8, state business records show.
The SEC served Trump Media and Technology Group with a subpoena on June 27, according to a regulatory filing. Trump's media company owns Truth Social, an app similar to Twitter. Trump was banned by Twitter for inflammatory remarks concerning the insurrection.
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.
Early criticism of the deal came from Sen. Elizabeth Warren in November. She wrote to SEC Chair Gary Gensler, telling him that DWAC “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in [SEC] filing and other public statements.”
Like a crazy old man who spends his days shouting at an empty blender and thinks the government is performing mind control on people through their microwaves, Donald Trump apparently believes that the reason his newly formed social media company, Truth Social, is not a runaway success is because Google has internally decided to sabotage him. “Is Google trying to **** me?” the former president has reportedly been asking friends and advisers over the past several weeks.
According to Rolling Stone, Trump believes the tech giant has it out for him due to the fact that the Truth Social app is not yet available for Android users. Which, reporters Adam Rawnsley and Asawin Suebsaeng note, probably has less to do with Google trying to screw over the ex-president and more to do with the fact that, as of Tuesday, the company hadn’t “even submitted an Android app to Google to review for Play Store approval.” Nevertheless, Trump continues to labor under the idea that this is personal. “He keeps hearing about how Google and YouTube have it out for him…including on Truth Social, and I think he’s taking [it] seriously,” one source who’s discussed the matter with Trump told Rawnsley and Suebsaeng. According to the outlet, Trump, who reportedly doesn’t use email, once suggested that everyone in the U.S. should stop using computers, and reportedly calls iPads “the flat one,” has also asked if Google is is trying to “screw with me” or has simply wondered aloud, “What’s up with Google?”
In February, former California representative Devin Nunes, who left his job in Congress to be Truth Social’s CEO, said that the company’s “goal” was to have the network “fully operational” by the end of March, which obviously did not happen. In addition to reportedly being placed in waitlist purgatory, would-be Truthers have complained that attempting to use the app is a Kafkaesque nightmare.
His audacious personality and opulent properties brought attention — and countless players — to Atlantic City as it sought to overtake Las Vegas as the country’s gambling capital. But a close examination of regulatory reviews, court records and security filings by The New York Times leaves little doubt that Mr. Trump’s casino business was a protracted failure. Though he now says his casinos were overtaken by the same tidal wave that eventually slammed this seaside city’s gambling industry, in reality he was failing in Atlantic City long before Atlantic City itself was failing.
But even as his companies did poorly, Mr. Trump did well. He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. The burden of his failures fell on investors and others who had bet on his business acumen.