What's Going On With Trump Media & Technology Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading lower after the company announced the appointment of Semple, Marchal & Cooper, LLP as its new independent registered public accounting firm, effective May 4, 2024. This follows charges of 'massive fraud' by the SEC against the company's previous audit firm, BF Borgers CPA PC, and its owner. Additionally, Trump Media CEO Devin Nunes has accused certain brokerage firms of stock manipulation, leading to a letter addressed to various committees of the U.S. House of Representatives.
May 07, 2024 | 5:15 pm
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Trump Media & Technology Group Corp. shares are trading lower following the announcement of a new accounting firm amidst legal troubles with the SEC and accusations of stock manipulation by the CEO.
The appointment of a new accounting firm and the backdrop of legal issues with the SEC, coupled with accusations of stock manipulation, likely contribute to negative investor sentiment. These factors can lead to decreased confidence in the company's governance and financial transparency, impacting the stock price negatively in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100