Shares of Trump Media & Technology Group swung wildly at the opening bell Friday, falling rapidly after it appeared that the owner of social networking site Truth Social, would bounce back despite the conviction of the former President Donald Trump in his hush money trial. A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.
was an example of what’s known as a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly, but with much less scrutiny. Trump Media & Technology fired an auditor this month that federal regulators recently charged with “massive fraud.” The media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of its quarterly earnings report.
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