Trump Media & Technology Group, the social media corporation of former president Donald Trump, was audited by an accounting firm that withdrew a short time after being selected.
WithumSmith+Brown reviewed the firm’s financials shortly after its founding in early 2021. Nevertheless, those acquainted with the situation have said that the company quit before the end of 2021. After working with Trump and his firm for a while, WithumSmith+Brown decided they didn’t want to be connected with either.
One could say they participated in a voluntary “soft-canceling” before they could be targeted by the much more rabid cancel culturists.
The auditors of Trump Media are under the spotlight at a time when the stock price of the firm is quite volatile. After becoming public in March, the company’s shares first surged in value, but they quickly crashed a week later. The stock price of Trump Media dropped again on Monday.
Many have characterized the IPO as a classic “pump and dump.” However, Trump could not capitalize on the stock because his contract states that he has to hold it until September. The stock would have to fall nearly 50% more for the venture not to have a payday for investors.
Considering Trump’s mounting legal expenses, a prolonged surge would have given his finances a much-needed lift. In connection with his civil fraud prosecution in New York, Trump posted a bail of $175 million on April 1. Before the reduction imposed by the appeals courts, the bond amount was $454 million.
Last year, a jury found that Trump had assaulted E. Jean Carroll, a writer, and he is now liable for $83.3 million in defamation damages. The first criminal trial for Trump occurred on Monday in a Manhattan courtroom. Trump is facing charges from prosecutors who claim he lied about his business dealings with porn actress Stormy Daniels.
