Former President Donald Trump shared a story on Monday about his decision not to list the Trump Media & Technology Group on the New York Stock Exchange. He mentioned that the exchange was interested in having the company listed, but he decided against it because he believes businesspeople are treated poorly in New York and do not want to face attacks from certain individuals like the attorney general.
However, there is a problem with this story - it doesn't seem to make sense.
The stock exchange where the Trump Media & Technology Group is listed, Nasdaq, is headquartered in New York City. Both Nasdaq and the New York Stock Exchange are in the same Manhattan borough. This means that the company will be subject to New York laws and political oversight, just like it would have been if listed on the NYSE.
Jonathan Macey, a professor at Yale Law School specializing in corporate law, corporate finance, and securities law, described Trump's story as "mind-bogglingly nonsensical."
Macey couldn't stop laughing during the interview as he shared the story. He compared it to someone saying they would avoid shopping at Macy's in New York to escape persecution, but instead opt for Bloomingdale's next door. He simply said, "Like, what?"
He also expressed his hope that someone advising President Trump would inform him about the investor protection rules. These rules not only safeguard investors on the New York Stock Exchange but also on the Nasdaq Stock Market, Macey pointed out.
Trump, now the presumptive Republican presidential nominee, shared a story during a press conference where he criticized New York Attorney General Letitia James and Manhattan District Attorney Alvin Bragg for taking legal action against him. (For more details on the latest developments in these cases, click here.)
According to Trump, he was told by someone at the stock exchange that they were very upset because he chose not to list his company on the NYSE. He claimed that the top person at the NYSE was mortified and couldn't believe his decision. Trump mentioned that the supposed NYSE official said, "I'm losing business because of New York - people are avoiding New York and the New York Stock Exchange." Trump suggested asking them directly for confirmation.
At the NYSE, the highest-ranking individual is not a man. Lynn Martin has been the president of the NYSE since 2022, following in the footsteps of her predecessor Stacey Cunningham. Additionally, the NYSE board is led by a woman named Sharon Bowen.
When asked about Trump's account of their conversation, a spokesperson for the NYSE chose not to comment. However, the spokesperson did mention that the exchange would be open to welcoming Trump.
America’s capital markets are highly regarded globally, with investors benefiting from a larger number of companies listed on public exchanges. It is important for New York to remain open for all types of capital formation. The U.S. Securities and Exchange Commission has approved the business combination between Digital World Acquisition Corp. and Trump Media and Technology Group, and we look forward to welcoming the company for listing on the New York Stock Exchange.
The company, which is the owner of the social media platform Truth Social, is set to start trading on the Nasdaq this coming Tuesday.
Baseless claims about Biden and his trials
Trump also repeated some familiar baseless claims about his legal cases.
Trump accused Biden of being behind the trials in Manhattan, claiming that Matthew Colangelo, a former senior Justice Department official now working for Manhattan District Attorney Alvin Bragg, was appointed by President Biden.
Following a New York judge's decision to start his Manhattan criminal trial on April 15 for falsifying business records related to a hush money scheme, Trump had to put up a reduced bond after being found liable for civil fraud by an appeals court.
No evidence for Trump’s claims about Biden: There is no evidence to support Trump's claims about Biden. First of all, there is no proof that Biden has been involved in the criminal or civil cases against Trump. The Manhattan prosecution is being led by Bragg, and the civil fraud case is being handled by New York Attorney General Letitia James. Both are elected officials who do not answer to the president or the federal Justice Department. Furthermore, there is no evidence to suggest that Biden played a role in Colangelo's decision to join the district attorney’s office in 2022 as senior counsel to Bragg. Colangelo and Bragg were acquainted before Bragg's election as Manhattan district attorney.
James initiated the lawsuit that resulted in Trump's civil fraud trial in September 2022, which was just a couple of months before Trump announced his 2024 campaign. The lawsuit stemmed from an investigation that James started back in 2019, about two years before Biden took over from Trump as president. It is important to note that there is no indication that Biden played a role in the criminal charges brought against Trump in Manhattan or Fulton County, Georgia. These prosecutions were led by locally elected district attorneys.
On the other hand, Trump is facing two federal indictments that were issued by a special counsel named Jack Smith. Smith was appointed in November 2022 by Attorney General Merrick Garland, who was chosen by Biden. However, this does not necessarily mean that Biden was directly involved in the prosecution process, let alone that he personally ordered the indictments as claimed by Trump in the past. Garland has made it clear that he would step down if Biden ever instructed him to take action against Trump, but he is confident that such a scenario would never occur.
In each of Trump's four criminal cases, grand juries consisting of regular citizens from New York, Georgia, Florida, and Washington, DC, have approved the indictments.
Colangelo's decision to move forward with the cases.
Trump has not presented any evidence to support his claims that Biden played a role in Colangelo's move from the Justice Department to the Manhattan district attorney's office in 2022. Colangelo and Bragg were colleagues at the office of New York's attorney general, where Colangelo conducted investigations into Trump's charity and financial practices, as well as participated in lawsuits against the Trump administration.
Colangelo held the position of acting associate attorney general at the start of the Biden administration in early 2021, followed by serving as principal deputy associate attorney general. Despite Trump's assertions, Colangelo was never the top official at the department; he was third in command during his time as acting associate attorney general.
Editor's P/S:
The article highlights the absurdity of Donald Trump's claims about his decision to list Trump Media & Technology Group on Nasdaq instead of the New York Stock Exchange. Trump's rationale, that he wanted to avoid scrutiny from New York authorities, is flawed given that
