'It's awfully messy': MSNBC analyst claims SEC is scrutinizing Truth Social stock
During an appearance on MSNBC's "The Katie Phang Show," MSNBC host Ali Velshi claimed that the wheeling and dealing of the stock issued by Trump Media & Technology Group, which trades under the ticker DJT, is likely drawing more than the normal amount of scrutiny by the U.S. Securities and Exchange Commission (SEC).
Velshi, who started out at MSNBC as a business reporter, claimed he has been closely watching the price plummet and the lawsuits tied to the company play out in the press and there should be cause for concern that not everything looks above board.
After first taking a shot at the stock centered on the lackluster performance of Truth Social, which caused the value to go into freefall, he claimed he didn't, for the moment, see anything Donald Trump has done that would have him in trouble with the SEC, but there should be concerns for investors.
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"We know the FBI is involved because of these two guys who were insider trading," he told host Phang. "We are not sure what the connection is, and we are not sure whether Donald Trump or anybody in the company knew about it."
"That said, the SEC does have rules and nothing Donald Trump does generally sounds like a guy who is equipped to follow those kinds of rules," he continued. "So, I would imagine the SEC is looking at it very closely. I have been studying it closely, there is nothing I have seen that is clearly an SEC violation, but it is awfully messy."
"If you are going to run a public company, there are actual rules and if you violate them, the SEC will come after you," he elaborated. "I don't know what it is; everything that I talked about right now seems to be legal, including [TikTok investor] Jeff Yass involving himself in this company, possibly for the benefit of his TikTok stocks. But I would assure you there are some people at the SEC who are watching it closely."
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