Trump Media Earnout Shares: Audit finding

Reporting and findings

1. documented

   The merger's price-trigger mechanism increased Trump's controlling stake without a new cash purchase; the shares' market value remained unrealized and volatile.

   • U.S. Securities and Exchange Commission: Donald J. Trump Form 4Footnote describing earnout conditions
   • U.S. Securities and Exchange Commission: Donald J. Trump Form 4Transaction table and footnote
   • Axios: Trump gets handed a lot more Truth Social stockEarnout mechanism and ownership discussion
   • U.S. Securities and Exchange Commission: Trump Media amended Form S-1Ownership, lock-up, and risk-factor sections