Trump quit the board of Trump Media and Technology Group weeks before the social media company’s subpoenas

Donald Trump appears to have avoided subpoenas from the SEC and a federal grand jury in Manhattan, as the former president relinquished his position on TMTG’s board of directors.

Former President Donald Trump has resigned from the board of Trump Media and Technology Group, his social media company, which is under investigation by the SEC and a Manhattan grand jury. In a June 8 filing with the Florida Department of State Division of Corporations, the company disclosed that Donald Trump has stepped down from his role as chairman of the board along with other board members Donald Trump Jr., Kaishap Patel, Scott Glebe, Wes Moss and Andrew Northwall. Those departures from the board came just three weeks before Trump Media and Technology Group received subpoenas from the SEC and a federal grand jury.

The weekly chart of Digital World Acquisition Corp.  (DWAC) shows wild bidding in the fall of 2021, followed by a massive selloff this year.
The weekly chart of Digital World Acquisition Corp. (DWAC) shows wild bidding in the fall of 2021, followed by a massive selloff this year.

Trump Media and Technology Group’s Truth Social app released a statement to the platform denying reports that Trump is no longer chairman of the company’s board:

Contrary to an “exclusive” fake news report filed by a reporter unable to understand government business records, Donald Trump remains on the board of the Trump Media and Technology Group. In fact, the reporter admits that Trump’s title is “President,” but apparently has no idea what the President presides over. Hope this helps clear things up.

While Truth Social’s statement certainly uses all the buzzwords one would expect to see, a glance at the Trump Media and Technology Group website shows a completely blank page for the Board of Directors. The connection to the Florida feed is now down, so it’s possible the company is trying to do some damage control.

According to a CNBC report, TMTG's board of directors' website has been empty since Thursday.
According to a CNBC report, TMTG’s board of directors’ website has been empty since Thursday.

The Sarasota Herald-Tribune was the first outlet to report Trump’s departure from the board yesterday morning. The criminal investigation into Trump Media and Technology Group’s SPAC deal with Digital World Acquisition Corp. (DWAC) has been publicly known for several weeks, but DWAC apparently became aware of the investigations on June 16, 2022. That would be 8 days after Trump left the TMTG board.

This wouldn’t be the first time Trump has dumped his problems in the lap of shareholders. The DWAC SPAC deal is still up in the air, sending the company’s stock down more than 50% year-to-date.


This article is intended for educational purposes only and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance and consult a financial advisor before acting on this information.

Lamp

Asif Khan is the Luminaire and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was previously a representative of an investment consultant. After many successes in his personal investments, he retired from his day job in financial services and is currently focusing on new private investments. His favorite PC game of all time is Duke Nukem 3D and he is an unabashed fan of most things Nintendo. Asif first visited the Shack when sCary’s Shugashack was to find anything related to Quake. When not immersed in investments or gaming, he is a purveyor of good electronic music. Asif also has an irrational love for Cleveland sports.

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