HERE’S HOW TRUMP REACTED TO MELANIA’S SHARES
Former President of the USA, Donald Trump, has been in deep waters since the shares-exchange dilemma last October. It all started when the ex-President attempted to persuade Andy Litinsky, the co-founder of Trump Media & Technology Group, to transfer ownership of his shares to his wife, Melania Trump.
According to the Washington Post, the Securities and Exchange Commission received a complaint from Will Wilkerson, a former executive turned whistleblower on the entire matter. He stated that Trump didn’t pay much heed to Litinsky’s advice and wanted to finalize the exchange, come what may. He also accused the former President of removing Litinsky from his post. An inquiry for feedback from the co-founder received no response.
Furthermore, an email was shared by Wilkerson and his attorneys with the Washington Post and the Securities and Exchange Commission. In it, Litinsky complained about the behavior and harassment of Trump, stating that the ex-President retaliated against him and threatened to blow up the company if his demands were not met.
From the Press
After meeting with reporters of the Washington Post, Wilkerson’s lawyer, Patrick Mincey, confirmed that the executive was sacked on Thursday. Lawyers Phil Brewster and Stephen Bell are also part of this case. A joint statement from Mincey, Bell, and Brewster reflected the harsh behavior meted out to Wilkerson. They said, “Trump Media’s termination of the whistleblower after the company was solicited for comment by the Washington Post is patent retaliation against an SEC whistleblower of the worst sort.”
A TMTG spokesman contested the story printed by Washington Post. She claimed that the narrative published by the famous news company was filled with animosity, defamatory statements, and made-up psychodrama. Repetition of such statements will be considered actionable legal proof of careless disregard for the truth. Requests for a response from the SEC and Melania Trump were not entertained.
A tumultuous year for Trump Media
From the beginning, TMTG has been dogged by scandal and warning signs. According to Matthew Tuttle, CEO of Tuttle Capital Management LLC, the financial arrangements behind Trump’s media business are “weird and confusing.”
Trump demanded to control 90% of the company’s shares, but according to Wilkerson, he refused to invest any of his funds in the business. Trump’s allegations of fraud in the 2020 presidential election made it harder for the company to raise money, so they used a different strategy to evade investor scrutiny.
Late last year, TMTG disclosed that it would go public through a merger with Digital World Acquisition Corp., a special purpose acquisition company, a subtype of a shell corporation. SPACs raise funds that are required for the acquisition and privatization of public companies. Essentially, they are “blank check” businesses that only exist to locate acceptable merger partners.
But due to legal examination, the contentious merger has been put on hold. The Justice Department is also looking into the matter along with the SEC. Late in June, Digital World disclosed that a federal grand jury in the Southern District of New York had issued subpoenas to its board members examining the deal’s due diligence.
