A co-founder of Truth Social was forced off the board of the firm after he ignored demands by Donald Trump to give some of his stock to his wife.
Will Wilkerson, a former company executive, told the Post that Trump pushed for the gift to his wife even though he had already received most of the stock in the group.
The company co- founder told Trump that he wouldn't be able to pay his taxes. Trump told him to do whatever he needed to do.
According to the newspaper, he was forced off the board five months later after he failed to turn over a small fortune to his wife.
According to the Post, the incident was one of a number of bombshell revelations supported by several documents viewed by the newspaper.
The company was the subject of a whistle blower complaint submitted to the SEC. The SEC and federal prosecutors from the Southern District of New York are currently investigating Trump Media.
He spoke to The Post and was fired from his job.
Trump Media said in a statement that Trump had hired a former Republican congressman to lead Truth Social to create a culture of compliance and build a world class team.
The statement accused the Post of sending an inquiry rife with false and defamatory statements.
The newspaper said that it did not address any of the Post's questions.
There has been a lot of bad news for Trump's Truth Social and Media venture.
In a Securities and Exchange Commission filing last month, Digital World Acquisition Corp. said investors had backed out of $139 million in commitments of the $1 billion previously announced by the company.
There may be more to come. Digital World missed its initial deadline to merge with Trump Media and now investors can no longer put up money. The deadline was extended by three months after shareholders turned down the extension. Even though investors can pull out, they can.
According to Fox Business News, a major web-hosting operator complained in August that Truth Social owed about $1.6 million in contractually obligated payments.
Truth Social had its application for a trademark turned down because it was too similar to other businesses.
Trump insisted last month that he was not worried about Truth Social money troubles because he was really rich. I don't need money.
He asked "private company, anyone???" in what appeared to be an invite to investors.
The Washington Post story can be found here.
The article was first published on HuffPost.
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