All posts tagged: SEC

SEC Chair Gensler dodges Trump Media campaign finance questions

SEC Chair Gensler dodges Trump Media campaign finance questions

[ad_1] Securities and Exchange Commission Chair Gary Gensler on Tuesday refused to comment on speculation of whether Trump Media is a funding organ for Donald Trump’s presidential campaign. “I’m not going to speak on any one company,” Gensler said in an interview on CNBC’s “Squawk Box,” responding to a question on whether Trump Media is merely a vehicle to finance the former president’s bid for a second term. “What’s important is that their disclosures are accurate and that folks aren’t in the market front-running or trading on insider information,” Gensler said. Since the DJT ticker went public on the Nasdaq on March 26, the stock has whipsawed, seeing a high of nearly $80 per share and a low of roughly $12 per share. The stock opened Tuesday at roughly $49. As the majority shareholder, Trump stands to gain the largest financial boost from DJT upswings. On Friday, Trump’s stake increased by 36 million more shares on top of his existing 78.8 million, due to a clause in the company’s contract that unlocks bonus shares as …

Ethereum’s Cofounder Says SEC Is ‘Gaslighting’ Everyone About Crypto

Ethereum’s Cofounder Says SEC Is ‘Gaslighting’ Everyone About Crypto

[ad_1] Joe Lubin is in a fight with the Securities and Exchange Commission. Not only is the financial regulator waging war against Ethereum, he claims, but making a grab for jurisdiction over the future of the Internet. So Lubin has decided to punch back. In 2015, Lubin was part of the team that created Ethereum, the computer network home to the world’s second largest cryptocurrency, known as ETH. Later that year, Lubin founded Consensys, with the loose ambition to support the development and adoption of Ethereum and built software products on top of the network. In April, Consensys received an unwelcome missive—known as a Wells Notice—from the SEC, informing the company that it was about to be sued. The regulator’s grievance, Consensys was told, had to do with one of the software products in its stable: MetaMask, a crypto wallet that lets users store crypto coins and interact with Ethereum-based apps. Consensys claims that the SEC notice, which has not been made public, states that MetaMask has made the company into an unregistered securities broker. …

Trump Media’s Newly Hired Auditing Firm Was Just Busted by the SEC for ‘Massive Fraud’

Trump Media’s Newly Hired Auditing Firm Was Just Busted by the SEC for ‘Massive Fraud’

[ad_1] SAN FRANCISCO (AP) — The Securities and Exchange Commission on Friday charged an auditing firm hired by Trump Media and Technology Group just 37 days ago with “massive fraud” — though not for any work it performed for former President Donald Trump’s media company. The SEC charged the accounting firm BF Borgers and its owner, Benjamin F. Borgers, with “deliberate and systematic failures” in more than 1,500 audits. The charges include failing to abide by accounting rules, fabricating documentation to cover up its shortcomings, and falsely stating in audit reports that its work met audit standards. To settle the SEC charges, BF Borgers agreed to pay a $12 million fine while its owner agreed to pay a fine of $2 million, according to the SEC. Benjamin Borgers did not immediately return a call seeking comment. BF Borgers and Benjamin Borgers also agreed to permanent suspensions, effective immediately, that will prevent them handling SEC-related matters as accountants. The company had previously cycled through at least two other auditors — one that resigned the account in …

Trump Media auditor charged by SEC with ‘massive fraud,’ permanently barred from public company audits

Trump Media auditor charged by SEC with ‘massive fraud,’ permanently barred from public company audits

[ad_1] Rafael Henrique | Lightrocket | Getty Images The auditing firm for Trump Media and the auditor’s owner were charged Friday with “massive fraud” by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, with admitting or denying the allegations, the SEC said. The agency, calling BF Borgers a “sham audit mill,” said the company and its owner engaged in “deliberate and systemic failures to comply with Public Company Accounting Oversight Board … standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023,” according to a press release. The respondents also were charged with falsely telling clients that the auditor’s work would comply with PCAOB standards, fabricating audit documents to make it seem that the work did comply with those standards, and …

Trump SEC would end climate disclosure rule, target ESG investments

Trump SEC would end climate disclosure rule, target ESG investments

[ad_1] Republican presidential candidate and former U.S. President Donald Trump shouts during a campaign event in Freeland, Michigan, U.S. May 1, 2024.  Brendan Mcdermid | Reuters The Securities and Exchange Commission under a second Donald Trump presidency would roll back the aggressive stance the government agency has taken against corporate giants with current chairman Gary Gensler at the helm, according to people familiar with the matter. If Trump were to defeat President Joe Biden in November, the SEC under his administration would likely start by curtailing many of the rules recently put in place tied to the environment, according to experts and people close to the former president. An initial target of the SEC under a second Trump administration would be to roll back the new climate disclosure rules, these people explained. Gensler and the SEC adopted a rule in March requiring large publicly traded companies to disclose their levels of greenhouse gas emissions. The largest companies are required to make climate disclosures as early as fiscal 2025, with specifics on greenhouse gas emissions as …

Supreme Court Rejects Elon Musk’s “Free Speech” Appeal In SEC Case

Supreme Court Rejects Elon Musk’s “Free Speech” Appeal In SEC Case

[ad_1] Another day, another chapter in the Elon Musk vs. SEC saga. The US Supreme Court declined to hear Elon Musk’s appeal regarding his ongoing “Twitter sitter” case, Bloomberg reported on Monday, keeping Musk’s agreement with the SEC to have a company lawyer approve his social media posts in place. Musk, without success, had argued that the 2018 agreement infringed upon his constitutional right to free speech. The decision marks the latest development in Musk’s lengthy, ongoing dispute with the SEC, which started after he tweeted in August 2018 that he had “funding secured” for a potential $80 billion take-private deal for Tesla. As a result, Tesla stock rocketed higher the day of.  Following Musk’s tweet, the SEC filed a lawsuit alleging shareholder deception and, shortly after, Musk settled with the SEC, agreeing to step down as Tesla chairman and pay a $20 million fine. In 2021, Musk reopened the dispute by conducting a Twitter poll regarding selling 10% of his stock. This prompted the SEC to issue subpoenas to Musk and Tesla. Musk then sought …

Tesla officially unveils new Model 3 Performance with 0-60 mph in 2.9 sec

Tesla officially unveils new Model 3 Performance with 0-60 mph in 2.9 sec

[ad_1] Tesla Model 3 Performance Tesla has officially unveiled and opened orders for the new Model 3 Performance and confirmed a new 0 to 60 mph acceleration in 2.9 seconds. After months of rumors, prototype sightings, and leaks, Tesla has finally unveiled the new Model 3 Performance. It is very much based on the new Model 3 refresh unveiled last year, which lacked a performance version until now. However, it is also more than just a performance version of the refresh. Tesla has definitely stepped up with this new version. Prior performance versions were merely software-unlocked Model 3 Long Range Dual Motor vehicles with better brakes and a spoiler slapped on top of it. Now, Tesla is making many more changes to the new Model 3 Performance version, including body changes – specifically a new front lip and rear diffuser. It is giving the vehicle a sliglhly more aggressive look than the regular versions of the Model 3. But people are going to be buying it for its performance, which is the main new information …

Citadel Securities blasts Trump Media CEO over DJT short sale letter

Citadel Securities blasts Trump Media CEO over DJT short sale letter

[ad_1] Devin Nunes, chief executive officer of Truth Social, speaks during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, US, on Thursday, March 2, 2023.  Al Drago | Bloomberg | Getty Images Citadel Securities ripped Trump Media CEO Devin Nunes on Friday for a letter he sent to the Nasdaq that mentioned Citadel Securities and other major market companies after warning of possible illegal short selling of Trump Media shares. “Devin Nunes is the proverbial loser who tries to blame ‘naked short selling’ for his falling stock price,” said a spokesperson for Citadel Securities. Citadel Securities’ founder and non-executive chairman, Ken Griffin, is a major donor to Republican candidates — among them Nunes, a former GOP congressman. “Nunes is exactly the type of person Donald Trump would have fired on [The] Apprentice,” said the spokesperson, referring to the former Republican president’s business competition reality TV show. “If he [Nunes] worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do,” the spokesperson added. A …

Donald Trump Poses a Unique Threat To Truth Social, Says Truth Social

Donald Trump Poses a Unique Threat To Truth Social, Says Truth Social

[ad_1] Trump Media & Technology Group, the Truth Social parent company majority-owned by former president Donald Trump, filed a document with the Securities and Exchange Commission this morning that helpfully details all of the ways Trump himself poses a threat to the company and its shareholders. While the company generated just over $4 million in revenue in 2023, Trump Media’s valuation has fluctuated wildly since going public in March, at one point reaching more than $7 billion. As of this morning, the company was valued at $3.7 billion. Trump Media has become a meme stock, where the stock price is governed more by vibes than traditional financial performance. The SEC document filed by Trump Media this morning, which announced the public stock offering of 21.5 million shares, also detailed the company’s “risk factors.” These statements are standard for publicly traded companies, and usually include anything from macroeconomic headwinds to worst-case scenarios like earthquakes or terrorist attacks. The filing does include several risk factors that aren’t directly related to Trump, including competition from other social media …

Trump Media lost  million last year, SEC filing shows

Trump Media lost $58 million last year, SEC filing shows

[ad_1] This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Stefani Reynolds | AFP | Getty Images The share price of Trump Media fell sharply Monday morning after the social media app company closely tied to former president Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media & Technology Group shares trading down by more than 15.7% as of 11:38 a.m. ET. Despite that plunge, the company’s market capitalization was still more than $7 billion after its 8-K filing with the Securities and Exchange Commission revealed the loss for last year. Much of the net loss appears to come from $39.4 million in interest expense, according to the filing. A spokesperson for the company did not immediately reply to a request for comment on the new filing. The filing shows that in 2022, Trump Media had a net profit of $50.5 million and total …