Trump Media Said It Had ‘Material Weakness’ in Internal Controls

Trump Media & Technology Group Corp. showed “material weakness” in internal controls over financial reporting, raising risks of misstatements, the firm’s latest quarterly result showed.

The company carried out an evaluation of its disclosures and controls and found that procedures were not effective, the report said. It cited “failure to design and maintain formal accounting policies, processes, and controls to analyze, and account for complex transactions as well as a need for additional accounting personnel who have the requisite experience in SEC reporting regulation.”