Business & Tech
Trump Leaves Social Media Company Board Ahead Of Federal Subpoenas
A federal grand jury is investigating the merger of Trump Media with Digital World Acquisition, which would let it trade as public company.
SARASOTA, FL — Just weeks before Donald J. Trump’s social media group was subpoenaed as part of a federal investigation into its business, the former president was removed from the board.
Records from Florida’s Division of Corporations show that on June 8, Trump Media and Technology Group, which owns Truth Social, removed Trump and other board members, including is son, Donald Trump, Jr., Wes Moss, Kashyap Patel, Chief Operating Officer Andrew Northwall, general counsel Scott Glabe.
The company was hit with subpoenas June 27 by the Securities and Exchange Commission and a federal grand jury in Manhattan regarding the merger of Trump Media and a shell company, Digital World Acquisition. If the merger moves forward, Trump Media would assume Digital World’s SEC listing, allowing it to trade as a public company, according to the New York Times.
Find out what's happening in Sarasotafor free with the latest updates from Patch.
In a statement published Thursday on its platform, Truth Social said that reports of Trump’s removal from the board is “fake news”
“Contrary to an ‘exclusive’ fake news story filed by a reporter who is incapable of understanding state business records, Donald Trump remains on the board of Trump Media and Technology Group,” the company said.
Find out what's happening in Sarasotafor free with the latest updates from Patch.
In April, Trump Media and Technology Group registered as a Florida business based in Sarasota.
According to its formation documents, the company listed its principal and mailing address as 401 N. Cattlemen Road, Suite 200, in Sarasota. This building is part of the Gateway Professional Center, according to LoopNet.com.
Among its five directors listed at the time were Trump, Sr. and his eldest son; former U.S. Rep. Devin Nunes; Moss, a contestant on “The Apprentice”; and Patel, a former Nunes aide.
Another Nunes aide, Glabe, was named the company’s general counsel, while former financial analyst Phillip Juhan was listed as the company’s chief financial officer and Northwall, EZ Politix founder, was listed as the chief operating officer.
State records show that only Nunes remains listed as a board member. He also currently has the CEO title. Juhan also remains listed as the company’s CFO.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.