Editor’s note: This story has been updated with comment from Trump Media & Technology Group.
A Betrayal of the ‘America First’ Pledge?
A whistleblower complaint stirs concerns at Trump Media & Technology Group Corp (DJT) alleging a deviation from the ‘America First’ stance with CEO Devin Nunes accused of an “America Last” hiring strategy.
Reports from ProPublica indicate that the internal complaint highlights Nunes’ outsourcing of jobs to foreign contractors instead of American workers, a move contradicting Trump’s campaign vow to end outsourcing.
Allegations against Nunes include mismanagement, hiring unqualified allies for key positions, and the weakening alignment of the company with its intended mission, as noted in the complaint viewed by ProPublica.
Responding to queries, a Trump Media & Technology Group representative expressed intentions to pursue legal action against ProPublica, labeling the story defamatory.
Resilient DJT Stock Surges Despite Allegations
Despite the controversy, DJT stock demonstrates robust growth, escalating nearly twofold in value since mid-September. Over the last month alone, DJT stock has soared by 143.46%.
Traders are favoring DJT, considering it a meme-stock darling, potentially correlated with Trump’s enhanced odds for the 2024 elections. Notably, the company’s principal platform, Truth Social, contributes minimal revenue.
Technical analyses depict an intriguing scenario for investors, with DJT stock surpassing its short-term moving averages while its long-term average signals caution with a possible bearish indication.
Will Allegations Quash DJT’s Momentum?
DJT stock, valued at around $30 per share, is riding high on volatility. However, the whistleblower allegations might trigger regulatory investigations, possibly tempering the current stock fervor.
Warnings in the letter reviewed by ProPublica suggest that without action from the board, the company could face a severe PR crisis, potentially impacting investor trust.
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