Trump's Truth Social In Serious Trouble After SEC Investigation 
42,231 views May 26, 2023
The SEC is still conducting an investigation into Digital World Acquisition's attempted purchase of Trump Media and Technology - which includes Truth Social - but the preliminary movement out of the agency suggests that the deal is in serious trouble. Reports indicate that the SEC has had to issue multiple warnings to both parties after serious errors and omissions were found in their financial documents, leading to the possibility that both groups are trying to hide something from regulators. Ring of Fire's Farron Cousins explains what's happening.
*This transcript was generated by a third-party transcription software company, so please excuse any typos. Donald Trump's truth. Social is basically in Financial Dire Straits right now. Earlier this year, it was reported that Truth, social, basically Trump Media and Technology Group, which is the big organization that owns Truth Social right now, they're waiting to be bought out by Digital World Acquisition SPAC Company that is supposed to buy it for like a million dollars. Trump's gonna make out like a Bandit, but it's been on hold now for almost two years, pending an s e c investigation. But earlier this year, it was reported that Truth Social only had the cash on hand to continue operations until April. So reports are telling us now that Donald Trump is losing a lot of money out of his own pockets just to keep this piece of crap running. And that might be the only good news that Truth Social has going for it because according to new reports this week, uh, with Forbes is reporting that the s e c has now had to not only issue a formal rebuke to digital world acquisition for lying on their financial statements, they have also issued them a warning about their false financial statements that were filed at the end of last year. They've also, by the way, had to issue them a warning because so far this year, even though they're legally required to do it, they haven't filed any quarterly financial reports, which is required for any publicly traded company which Digital World Acquisition is. So something real shady is going on with Digital World as they're waiting to buy Trump media and technology. But don't worry because the s e c is well aware of whatever the hell it is that's going on. The s e c told Digital World acquisition, according to this Forbes report that you lied on your financial statements. There are glaring errors, there is pertinent information that is flat out missing. So you've got Lies of omission as well. What the hell is going on Digital World, where is all this money that you're hiding? Where is it coming from? Where did it go? Any, any answers? Digital World, because y'all are looking at potential criminal charges at this point. Forget about not being able to buy Trump media and technology, which honest to God, I don't think the merger's gonna happen. I think the s e c has uncovered some pretty serious criminal wrongdoing on behalf of both digital world and Trump media and technology, and I don't think they're gonna be able to merge. I think Donald Trump is gonna lose hundreds of millions of dollars. The investors in the digital world will get their money back because the company legally has to break itself up and return all of the money that they got from the investors if they do not close by September of this year. And based on the investigation, based on all of the reports that we have seen come out so far, it ain't gonna happen folks. Now here's the other fun part about this. Um, it was recently reported that even Trump's media and technology has been hiding financial information from the Securities and Exchange Commission as well as from Digital World. They took out a loan or they got an investment, I guess you would call it, of, uh, several million dollars from a bank in the Caribbean that, oops, we forgot to tell everybody about.
