Fact check: Trump Tells 'Mind-Bogglingly Nonsensical' Story About The New York Stock Exchange
Former U.S. President Donald Trump‘s claims about the listing of his company, Trump Media & Technology Group, on the New York Stock Exchange (NYSE) have come under the scanner.
What Happened: Trump declared his decision to forego listing on the NYSE due to the alleged harsh treatment of businesses in New York. He also claimed NYSE officials were disheartened by this decision. Contradicting Trump’s statement, experts point out that Trump’s company is being listed on the Nasdaq, which is also based in New York, and therefore would fall under the same New York laws and regulations, reported by CNN.
Jonathan Macey, a Yale Law School professor, found Trump’s reasoning “mind-bogglingly nonsensical,” stating that the NYSE’s investor protection rules also apply to the Nasdaq.
"I hope somebody advising President Trump informs him that the same investor protection rules that safeguard investors of the New York Stock Exchange also safeguard investors on the Nasdaq Stock Market," Macey said.
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These claims were made at a press conference where Trump criticized New York Attorney General Letitia James and Manhattan District Attorney Alvin Bragg for their legal cases against him. Furthermore, despite his statements, Lynn Martin, who is the “top person” at the NYSE, confirmed that they would be open to listing Trump’s company.
Trump’s company, which owns social media platform Truth Social, is set to commence trading on the Nasdaq on Tuesday.
A spokesperson for the NYSE refrained from commenting on Trump’s narrative regarding the alleged conversation. However, the spokesperson emphasized that the exchange would be open to welcoming Trump’s company, according to the report.
"America's capital markets are the envy of the world and investors benefit from more, not fewer, companies listed on public exchanges. New York should be open for business for all types of capital formation. With regard to Digital World Acquisition Corp. (NASDAQ:DWAC) and Trump Media and Technology Group, the U.S. Securities and Exchange Commission has declared their business combination effective and we would welcome the company for listing on the New York Stock Exchange," the spokesperson said.
Why It Matters: Trump’s social media company Truth Social is merging with Digital World Acquisition Corp, making Trump potentially $3 billion richer. Amid his mounting legal bills, which amount to over $450 million, Trump has reportedly considered liquidating his DWAC stocks.
The highly anticipated SPAC merger with DWAC has been approved and is set for public debut, despite several setbacks and delays.
With Trump facing a judgment of $454 million, Rep. Alexandria Ocasio-Cortez (D-N.Y) has expressed concerns over the potential risks of not seizing Trump’s assets.
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