Are Trump Media’s Expansion And Cuts To Voice Of America Directly Connected?
There’s no evidence tying Trump Media’s global push to his administration’s move to slash Voice of America. While Trump Media’s filings with the Securities and Exchange Commission and press releases don’t appear to explicitly mention plans to take Truth+ global, its 2024 annual report does warn that foreign governments could restrict the streaming platform — suggesting overseas ambitions were on the radar.
Noah Bookbinder, president of government ethics watchdog Citizens for Responsibility and Ethics in Washington and a former federal corruption prosecutor, told Forbes Trump’s expansion raises perennial concerns about whether his decisions serve the country or his own bottom line. While most ethics laws don’t apply to the president, Bookbinder said, the moves to shrink Voice of America and grow Trump Media abroad “highlight the inherent conflicts posed by his ongoing business interests, which are ever expanding.”
Trump can still earn income from his businesses while in office through the Donald J. Trump Revocable Trust, the same structure he used during his first term. He is its sole donor and beneficiary, while Donald Trump Jr. serves as the trustee. The Trump Organization confirmed in an April regulatory filing in the United Kingdom that Trump retains control over his businesses. Truth+ programming includes rightwing political content from outlets like Real America’s Voice and One America’s News Network, movies including flattering documentaries on Elon Musk and Clarence Thomas and Christian shows. Its international expansion will make Newsmax available globally for the first time. Meanwhile, Trump Media is in the midst of restructuring its finances. It raised $2.3 billion from institutional investors in May to buy bitcoin, registered a crypto ETF with the SEC and announced plans last week to buy back up to $400 million in shares. In 2024, Trump Media reported just $3.6 million in sales and a net loss of nearly $401 million, according to its annual report.
The Trump administration announced it was laying off 639 employees at Voice of America’s parent organization last month. On Friday, however, the administration reversed course, rescinding the notices after employees flagged errors in the terms, The New York Times reported.
$2 billion. That’s the value of Trump’s 114.8 million shares in Trump Media, as of Tuesday’s close.
Trump Media warned in May of possible “material misstatements” in its financial filings, citing weak internal controls and a lack of SEC reporting expertise — though a company spokesperson told Forbes the filing was “a routine disclosure that TMTG has repeatedly made in the past, and is typical for former shell companies, that does not in any way indicate an intention to restate any of TMTG’s financial reporting.”
Eric Swider, one of seven board members at Trump Media and a leader in the deal to take Truth Social public, has sold around 90% shares since November, netting roughly $4.4 million before taxes, SEC filings show. Swider did not respond to Forbes’ inquiry and does not appear to have commented publicly on the sales. He is in the process of launching another blank-check company with Nunes.
Forbes estimates Donald Trump’s net worth at $5.2 billion.
In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting that included calculations of its financial results while still a private company. The defendants have moved to dismiss the claims but the case is currently ongoing.
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