"Everything Trump touches dies"
The Washington Post - Co-founder of Trump’s media company details Truth Social’s bitter infighting
15 October 2022
Will Wilkerson, one of Trump Media & Technology Group’s first employees, alleges the company violated securities laws and that Trump pressured executives to hand over their shares to his wife. ...
Promoted as the centerpiece of Trump’s post-presidential business ambitions, the company had marketed itself as a budding media empire with enterprises planned in social media, video streaming, live events and online payments - a powerful rival not just to Twitter but Disney, Google and Amazon.
But inside the company, Wilkerson said, those plans gave way to bitter infighting, technical failures and a chaotic jockeying for power among Trump allies that undermined its potential and left some employees crying at their desks.
Wilkerson, who was fired from his job Thursday as a senior vice president of operations at the company after he spoke to The Post, filed the whistleblower complaint with the SEC * in August.
The complaint alleges that the company’s bid to raise money via an investment vehicle known as a special purpose acquisition company (SPAC) relied on “fraudulent misrepresentations … in violation of federal securities laws.” ...
The revelations from Wilkerson come at a turbulent time for Trump Media’s business.
Investors, discouraged by the halted merger, have sent the SPAC’s share price plunging from a high of $175 to less than $18 on Friday.
Roughly 4 million users follow Trump on the company’s sole product, Truth Social - far below his Twitter peak of 88 million. The company has pledged to investors it would surpass 50 million total users by 2024.