Shares of Trump Media & Technology Group Corp (DJT) are on the rise Monday, boosted by the successful launch of its Truth+ app for Apple Inc (AAPL) iOS devices and Apple TV. This marks another step forward for the company, which previously launched Truth+ on the Alphabet Inc (GOOG) (GOOGL) Google Play Store and the web.
Truth+ expands the streaming capabilities of Truth Social, offering new features to users. CEO Devin Nunes has stated that the company plans to introduce native apps for other platforms, including Samsung, LG, Android TV, Amazon Fire, and Roku.
However, the excitement surrounding Truth+ is tempered by a brewing internal controversy. A whistleblower has filed a complaint calling for the removal of CEO Devin Nunes, alleging that his mismanagement has put the company at risk of significant legal issues.
The complaint, as reported by ProPublica, accuses Nunes of making decisions that have led to potential regulatory action and undermined the company’s core values. It further alleges that Nunes prioritized hiring foreign contractors over American workers, contradicting the “America First” principles championed by Donald Trump, the company’s majority owner.
Beyond staffing concerns, the complaint claims Nunes hired unqualified members of his inner circle and misled employees. These actions have reportedly driven several executives and staff members from the company, with many claiming retaliation for voicing concerns.
One of the most serious accusations in the complaint is that Nunes’ leadership has put Trump Media at “substantial risk” of legal action from regulators, vendors, and shareholders.
Adding to the turmoil, Andrew Northwa, the company’s COO, resigned effective September 28, 2024, for undisclosed reasons. Trump Media has announced plans to transition his responsibilities internally.
Despite these internal challenges, DJT stock is currently trading up 6.42% at $31.48.
The stock has seen a significant surge in recent weeks, rising over 143% in the last 30 days. This climb coincides with Trump retaining his majority stake in the company despite the expiration of the lockup period.
It remains to be seen whether the company can navigate the current turbulence and capitalize on the growth potential presented by its expanding platform. Investors will be closely watching to see how the company addresses the whistleblower allegations and the impact on its future trajectory.