The Republican National Committee sent out emails soliciting funds, ostensibly for Donald Trump’s new social media platform, which could be a violation of various financial and political fundraising laws. Though the email doesn’t overtly declare that the effort is to raise money for Trump’s new social media platform “Truth Social,” the solicitation implies donations would go to those efforts.
Led by CEO and cow suer Devin Nunes, Truth Social is a partnership between the newly-formed partnership between the new Trump Media & Technology Group and publicly-traded special-purpose acquisition company Digital World Acquisition Corp. The new joint venture had a reported implied market capitalization of $10 billion, which raises questions about why they would be seeking $20 donations from people.
The notification also lacked required financial disclaimers for supporting a for-profit enterprise. Additionally, it is illegal to raise money for a commercial venture without a prospectus, making this email legally questionable and ethically faulty.