How is DJTMedia not under SEC investigation

[edhopper]

The IPO was so obviously made with fictional numbers. They continue to have no profits with very suspicious transactions going on as far as stock sales.
Aren't there rules for publicly traded companies?

[wishstar]

1. He'll be in trouble with SEC if he tries to sell any of his stock now

due to his strong denials that he would sell (in his recent press conference in California), that caused a big spike in price of the stock.

[Mysterian]

6. Big surge?

It's at $16.14.

[WSHazel]

2. My theory on this

I think the SEC is taking the position that if MAGAs want to get ripped off by Trump, why should the SEC deal with all the heat it would take to get involved. MAGAs have made themselves into the easiest victims in America, because they make it impossible for law enforcement to protect them.

If you want to know why Musk, who was apolitical to moderately left leaning for much of his life, swung hard to MAGA, all you have to do is look at how Trump exploits his own followers. Elon had to be asking himself "why should Trump have all the fun?".

[LetMyPeopleVote]

3. A normal SPAC (special purpose acquisition company) transaction can be done in four or five months or less

SPACS are strange deals and are no longer being used in the market.

The first SEC filing was in May of 2021. This deal was heavily reviewed and was delayed by some investigations. The documents describe Trump Media accurately as a company with weak earnings, few assets and little business. There are 45 pages of risk factors disclosed in the last filing that disclosed so may risks that only an idiot would buy this stock.

[edhopper]

4. But isn't going public with an IPO

More restrictive?

[unblock]

5. AFAIK, they're not claiming anything false.

People are just wildly overvaluing it, which they are allowed to do.

Fraud or manipulation is a problem, but knowing your base are a bunch of suckers is not, in and of itself, a crime.

[edhopper]

7. There are pretty strict criteria to set an IPO price

The company or the banks were lying to the public buyers.

[struggle4progress]

8. "Watch Pump and Dump, with Donald J Trump!

He'll take your money if you're dumb as a stump!"