Executives at former President Donald Trump's media company were reportedly forced out of their jobs in retaliation for CEO Devin Nunes coming forward with complaints that he was mismanaging the company. are.
Nunes, a former Republican lawmaker who was selected as CEO of Trump Media and Technology Group, was the subject of an anonymous “whistleblower” complaint sent to the company's board of directors. According to a report from ProPublica.
The complaint alleges that Citadel Securities, led by Ken Griffin, was blamed by market makers for the drop in Trump Media's stock price, branded Nunes the “proverbial loser,” and misappropriated funds and hired foreign contractors. The lawsuit reportedly alleges that the company hired the company and interfered with product development.
Former employees of the company behind the Truth Social platform claim that Chief Operating Officer Andrew Northwall and Chief Product Officer Sandro de Moraes were fired in retaliation, ProPublica reports. did.
Two other lower-level staff members also left the company. The company announced the resignation of its chief operating officer in a filing with the Securities and Exchange Commission on Thursday.
Northwall resigned from Trump Media late last month, according to an SEC filing, which added that the company plans to “transition his duties internally.” Details regarding the resignation were not disclosed.
He joined the company in December 2021, according to his LinkedIn page.
“I have decided to resign from my position at Trump Media,” Northwall wrote on Truth Social on Thursday. He added that he was “incredibly grateful” to Trump and Nunes for “this opportunity.”
“As I step back, I look forward to focusing more on my family and returning to my entrepreneurial journey,” he said in a statement.
De Moraes has not commented publicly, but he changed his true social status in his bio to “former chief product officer” for Trump Media.
trump media Responded to ProPublica's report Accuses media outlets of waging “increasingly irrational campaigns” to damage the company “based on false defamation claims and vague insinuations, possibly at the behest of political interests” did.
The company said the ProPublica article “completely fabricates intimations of illegal activity that are factually baseless, inappropriate, and even illegal.”
“TMTG is in strict compliance with all laws and applicable regulations,” the company said.
Nunes, a prominent Trump ally during his presidency, was named CEO of Trump Media in 2021. The company hired an attorney to investigate the whistleblower's claims and interview staff, ProPublica said.
Employees interviewed by lawyers last week were told they were being fired, according to reports.
ProPublica reported that among those fired along with Northwall and De Moraes were a human resources director and a producer designer.
In exchange for severance pay, employees were asked to sign an agreement pledging not to publicly allege wrongdoing against the company.
Trump Media stock is considered a meme stock by some market experts. That's the nickname given to stocks that get caught up in the online buzz and rise far beyond their value based on traditional analysis.
Stock prices have fluctuated for months, and trading is primarily done by retail investors, who are considered less sophisticated than day traders.
Late last month, Trump Media's stock price fell to an all-time low on the first trading day that Mr. Trump, its largest shareholder, was free to sell his shares in the company that runs the Truth social platform.
Trump Media's stock, commonly referred to as TMTG, began trading publicly in March. When the company listed on the Nasdaq in March, its stock price hit a high of $79.38.
Before the market opened on Friday, Trump Media & Technology stock rose slightly to $16.20.
with post wire
