Donald Trump's Truth Social In Collaboration With FINRA Regarding Merger Blank-Check Investigation

Truth Social, Donald Trump's social media platform (photo: sit. truth social)

JAKARTA - Truth Social, Donald Trump's social media platform, announced that it had been working with an investigation conducted by the Financial Industry Regulatory Authority (FINRA) regarding their blank-check merger.

The investigation was mainly focused on stock trading before the announcement of the deal with Digital World Acquisition Corp, but Trump Media and Technology Group (TMTG) confirmed that this should not be considered an indication of a mistake.

Since going public, TMTG's journey has been quite volatile. Big support from Trump supporters and speculators pushed the company's share price up to 59% on its Nasdaq debut on March 26. However, the company's shares then decreased, bringing the company's current market value to nearly 7 billion US dollars (Rp112.2 trillion).

Former US President Trump, who is currently running for Republican candidate in the upcoming November 5 presidential election, holds a majority stake in TMTG. Trump himself is an active user of Truth Social, who positions himself as a platform that supports free speech.

TMTG previously delayed its quarterly report last week after cutting ties with their auditor, BF Borgers, recently accused by the Securities and Exchange Commission (SEC) of "big fraud". On Monday, May 20, the company reported their income by revealing greater losses in the first quarter due to several non-cash costs incurred before the closing of the merger.

The net loss for the three months ending March 31 reached US$327.6 million (Rp5.2 trillion), much greater than the $210,300 loss (Rp3.3 billion) in the same period the previous year. "Most of the merger-related costs have been settled," TMTG CEO Devin Nunes said in a statement. The company also revealed that the majority of their 621,000 shareholders were retail investors as of April 29.