Posted on 09/19/2022 3:35:46 PM PDT by conservative98
The company founded by former President Donald Trump that launched his social media platform Truth Social is considering legal action against the Securities and Exchange Commission (SEC) for allegedly slow-walking approval of the company’s planned merger with another company that would provide the joint entity a mass infusion of capital, Breitbart News has learned exclusively.
Trump Media & Technology Group (TMTG), in a statement provided exclusively to Breitbart News, said it was exploring possible legal action against the SEC for the alleged delays, which the TMTG statement attributes at least in part to alleged political bias at the regulatory agency. TMTG — a private company — has been planning to merge with the SPAC, or special purpose acquisition company, Digital World Acquisition Corp. (DWAC), but the matter is on hold awaiting SEC approval — and has been for months. DWAC is a publicly-traded company.
“The SEC has stalled its review of our planned merger with DWAC, having failed to act despite DWAC having filed its registration statement more than four months ago,” TMTG said in the statement. “This inexcusable obstruction, which directly contradicts the SEC’s stated mission, is damaging investors and many others who are simply following the rules and trying to expand a successful business. In light of the obvious conflicts of interest among SEC officials and clear indications of political bias, TMTG is now exploring legal action against the SEC. Despite the increasing weaponization and politicization of government agencies, Truth Social will continue its expansion plans, supported by the unprecedented levels of user engagement on the platform.”
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Just the News’s John Solomon and another from RealClearInvestigation’s Paul Sperry — seem to indicate several senior SEC officials in Democrat President Joe Biden’s administration may be engaging in political retaliation against their ideological foes.
(Excerpt) Read more at breitbart.com ...
Gotta be someone’s fault.
Whatever legal remedy Trump tries to get is always blocked. Everything is adjudicated in the kangaroo courts of DC and NYC. Why not Chillicothe, Ohio or Rapid City, SD? Reintroduce justice to federal court.
it’s CLEARLY the SEC’s fault. Read the article. the head of the SEC is the ex CFO of Clinton’s campaign that was the point on paying for the fake russia hoax documents. That guy, gensler, then appointed peter struck’s wife to head up the investigation into the merger.
these scammers need to PAY for what they’re doing to the shareholders of DWAC by delaying the merger.
If the Republicans take the house senate and WH increased sales of toilet paper to ensue for the left.
Oh, he wants the SEC to do something without a million delays.
That’s cute.
The SEC does nothing on schedule. It’s not Trump. Really. The SEC sucks.
OMG! Has Lois come out of retirement?
So since it’s so clear as to who’s at fault and why, why are they exploring action? File the case.
You really haven’t been paying attention. These 3 letter agencies are out of control and, currently, VERY powerful. TMTG is totally dependent on the sec to move forward with their business. This is totally David vs goliath
I have been paying attention. Lots of smoke and mirrors. The way to get the alphabet agencies under control is to file suit……not play around. But you get more mileage by playing a game. Sort of like Hannity’s threatened lawsuits.
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