Trump Media & Technology Insiders Flee Ship
Trump Media, Technology Insiders Dump Shares Amid Controversy
A group of high-profile media and technology insiders, including former Trump administration officials, have been quietly selling their shares in Trump Media & Technology Group, the company founded by former President Donald Trump.
According to a report by The Washington Post, the insiders, who include former Trump press secretary Stephanie Grisham and Trump's former director of social media, Dan Scavino, have sold millions of dollars' worth of shares in the company in recent months.
The news comes as Trump Media & Technology Group faces intense scrutiny over its financial dealings and the company's ability to deliver on its promises. The company, which was founded in October 2021, has been plagued by delays and setbacks in its efforts to launch a new social media platform and a subscription-based news service.
The company's struggles have been exacerbated by a series of high-profile departures, including the resignation of its CEO, Scott Gawelski, in December. Gawelski was replaced by former Trump campaign manager Corey Lewandowski, who has been criticized for his lack of experience in the technology industry.
The share sales by the insiders have been reported to be in the millions of dollars' range, with Grisham selling off nearly $1 million worth of shares in the company. Scavino, meanwhile, has sold off $500,000 worth of shares.
The news has raised concerns among investors and critics of Trump Media & Technology Group, who are questioning the company's ability to deliver on its promises and the motivations behind the share sales.
"This is a clear sign that the company is in trouble," said one investor, who spoke on condition of anonymity. "When insiders start selling their shares, it's usually a sign that things are going downhill."
Trump Media & Technology Group has not commented on the share sales, but the company has previously denied reports of financial struggles and delays in its efforts to launch its new platform and news service.
The controversy surrounding Trump Media & Technology Group is the latest in a series of high-profile scandals to hit the company. In December, the company was forced to lay off nearly 20% of its workforce due to financial struggles, and earlier this month, the company was hit with a lawsuit from a former employee who alleged that the company had failed to pay him for his work.