A Single Word Could Decide If Trump's Truth Social Committed Securities Fraud

Digital World Acquisition, along with Trump Media And Technology Group, are under investigation for potential SEC violations that could land both entities in serious legal trouble. Specifically, this would be securities fraud, if the groups engaged in the behavior that is being investigated. And there's one word in Digital World's denial that anything inappropriate happened that could either seal the case or cause it to be dismissed. Ring of Fire's Farron Cousins explains what that word is and what it means.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

There is one single word that might sink Donald Trump's Trump media and technology group along with Digital World acquisition. The special acquisition company that is attempting to merge with Trump media and technology, One word, could actually make them guilty of securities fraud. And before I get to what that one word is, just a little bit of a recap here. As we all know, the s e c Securities and Exchange Commission is in fact looking into p possible securities fraud, both on behalf of digital world and Trump media and technology. Now, the SEC's been looking into this for quite a while. Originally, uh, it was only digital world, but new evidence has come to light in recent months. That does suggest that yes, they are looking into Trump media and technology as well for potential criminal violations of the law. And yes, that would include Donald Trump himself based on testimony and, uh, uh, basically whistle blowing from a former executive at Trump Media.

So, back to the one word, right? Let me read this. Digital World's case could hinge on the meaning of the word substantive. This is from a report from the New York Times. Under s sec rules, specs are not allowed to hold discussions with potential merger partners before they go public. And if they do, the talks must be disclosed. Failure to do so could constitute securities fraud when it filed its papers to go public. In September, 2021, Digital World said there had been no substantive discussions directly or indirectly. Indirectly with any potential merger targets a standard disclosure in Spec deals. A month later, it merged with Trump Media, no substantive talks.

So this case, whether or not criminal charges are filed against Digital World and Trump Media all hinges on what substantive means. A non substantive talk would be somebody from Digital World talking to somebody at Trump Media saying, Hey guys, how are things going? Yeah, what's up? What'd you do this weekend? Oh, man, you catch the game. That was awesome, right? Real squeaker at the end there. That's non substantive. Substantive would be things like, what's your projected revenue? How many employees do you have? What kind of growth do you think you would see in the first quarter, second quarter? Things like that. What do you value your company at? Those are substantive discussions. But Digital World says we didn't have any substantive conversations, but based on recent information, again, from a former executive at Trump

Media, there were substantive conversations last summer, well before Digital World filed this paperwork saying, We're gonna merge with these idiots. And Donald Trump himself at one point sent a, uh, I don't remember if it was a text or email, but he sent a message saying, Let's talk about, uh, dw, which is Digital World. That was last summer. That seems rather substantive. They were also, by the way, already in talks with a different group to do exactly what Digital World did, but they killed the deal with the other group because they knew digital World was coming. But how did they know Digital World was coming? Because all of this happened prior to September of 2021. And this is all publicly available information. This is based on actual documents. This is not hearsay. This is not conjecture. This is from the guy who was an executive who has the documents and he had the conversations and they have the evidence.