PANews reported on May 10 that according to Forbes, Trump Media & Technology Group (TMTG) disclosed in the latest filing with the U.S. Securities and Exchange Commission (SEC) that the company had "significant deficiencies" in its internal control over financial reporting, raising investors' concerns about the company's financial transparency and governance structure. TMTG is the parent company of the social platform Truth Social, and has recently attracted much attention due to financial losses and audit issues. It is reported that the auditing agency hired by the company, BF Borgers, was accused of "significant fraud" by the U.S. SEC for falsifying audit documents and violating audit standards. In addition, Donald Trump Jr., who served as a director of TMTG, received a salary of $813,000 last year, although he only attended two of the company's five meetings. At the same time, TMTG announced that its annual sales were only $3.6 million, but it had a net loss of $401 million.
Earlier news said that Trump Media and Technology Group, Crypto.com and Yorkville America Digital have finalized an ETF issuance agreement, and the Hong Kong fund is expected to be launched later this year.
