The Security and Exchange Commission is now investigating President Trump’s new media venture that would be free from the censorship of conservatives and that scares Democrats to death. The site estimates membership of nearly 90 million people in the first year. Facebook must be scared also. They would see a huge drain on advertising money.
The SEC has requested documents about “meetings of the partner company’s board of directors, “policies and procedures relating to trading,” identification of certain investors, and copies of communication between the partner company and Trump’s new organization.”
Breaking: The SEC and other regulators are investigating the financing for Trump's new media company. More to come @nytimes https://t.co/c4mRcM5kjB pic.twitter.com/AnT5z5zcjI
— David Enrich (@davidenrich) December 6, 2021
The AP has more.
Donald Trump’s new social media company forecasts it may have 81 million users by 2026, or nearly 7 million more people than voted for him in the last U.S. Presidential election.
The projection was filed on Monday with securities regulators by the company trying to bring Trump Media & Technology Group to the stock market. The company, Digital World Acquisition Corp., said over the weekend that it has lined up $1 billion in promised investments for the former president’s new venture from a group of unnamed institutional investors, and it filed a copy of the presentation used to pitch investors and analysts.
The filing also said that the deal has attracted some scrutiny from regulators. Digital World Acquisition, which is often referred to by its trading symbol of “DWAC,” said it is cooperating with “the preliminary, fact-finding inquiries” by the Financial Industry Regulation Authority and the Securities and Exchange Commission.
The Financial Industry Regulation Authority, or FINRA, asked in late October and early November for a review of trading in its stock before the Oct. 20 merger deal was announced. That announcement sent shares of DWAC surging from $9.96 to $94.20 in just two days as Trump supporters and investors looking to make a quick buck piled in. The shares have since pulled back to roughly $43.
At the same time, the Biden caliphate is ignoring Hunter Biden’s laptop and a plethora of shady deals.
This is nothing more than intimidation in trying to scare investors from buying stock in the company. Trump says he has investors committed $1 billion dollars into the company.
They are working on the platform now and plan to have the platform up and running in the first quarter of 2022, just in time for the midterm elections.
