Biden’s SEC is now Investigating Trump’s new Social Media company, which has ambitions to launch a unique Twitter-style site in 2022.
• The Financial Industry Regulatory Authority has asked for information regarding the trading that happened before Trump’s announcement that his new company would go public via a special purpose acquisition company, also known as SPAC.
• Trump’s new social media venture will be called Trump Media and Technology Group.
• In November, the SEC asked the SPAC for information regarding the merger with Trump’s company, including the identities of the initial investors. The SEC also wants to probe all communication between Trump’s company and the SPAC.
• Neither FINRA nor the SEC has said that anyone involved in this transaction has violated the law.
• Trump announced the venture on October 20th and since then, shared soared to a high of $175. Since October, some investment firms sold their shares and cashed out their gains, but some die-hard Trump supporters have kept their shares at a loss to have a chance to be in business with eh former President.
Today, 12/6/21, Stock in the SPAC dropped 3% Monday morning to $44 per share.
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