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SARASOTA, Fla. - Trump Media and Technology Group Corp. (NASDAQ: DJT), trading at $16,034 with significant market interest shown by its 111.51M average daily trading volume, along with its partner Rumble (NASDAQ: RUM), has taken legal action in response to a Brazilian Supreme Court Justice’s order to suspend Rumble’s operations in Brazil. InvestingPro data shows DJT has maintained relative stability with a modest 0.87% YTD return despite market volatility. Last week, Justice Alexandre de Moraes directed Rumble to censor the accounts of a Brazilian journalist based in the United States. Rumble, refusing to comply with the gag orders, has joined TMTG in filing an emergency motion in a U.S. federal court to have these orders declared unenforceable in the United States.
Following Rumble’s non-compliance, Moraes imposed a suspension of the service in Brazil, daily fines, and threatened Rumble CEO Chris Pavlovski with criminal charges. In reaction, TMTG and Rumble filed for an ex parte temporary restraining order and preliminary injunction against Moraes yesterday. TMTG CEO and Chairman Devin Nunes criticized the actions of Moraes, equating them to abuses of power reminiscent of authoritarian regimes and emphasized the company’s commitment to free speech and resistance against such suppression.
The emergency motion was filed in the U.S. District Court for the Middle District of Florida. TMTG operates the social media platform Truth Social, which utilizes Rumble servers in part, and is also responsible for the streaming service Truth+ and the upcoming FinTech brand Truth.Fi. The companies are positioning themselves as advocates for free expression, opposing what they describe as Big Tech’s harsh censorship practices.
The legal dispute highlights the tension between national laws and the policies of global internet platforms. As the case unfolds, it presents significant implications for the balance between free speech and regulatory compliance by tech companies operating internationally. For deeper insights into DJT’s performance metrics and expert analysis, including exclusive ProTips and comprehensive financial health indicators, visit InvestingPro.
This news article is based on a press release statement.
In other recent news, Trump Media and Technology Group Corp. (TMTG) has announced significant developments in its expansion into financial services. The company plans to introduce a series of America First-themed investment products under the Truth.Fi brand, including exchange-traded funds (ETFs) and separately managed accounts (SMAs). These offerings, which focus on American energy, manufacturing sectors, and bitcoin strategies, will be managed in collaboration with Charles Schwab (NYSE:SCHW). TMTG has committed up to $250 million for this initiative, with Yorkville Advisors acting as the Registered Investment Advisor. Additionally, TMTG has partnered with payment processor Moov to enhance its financial services, offering flexible payment options for its platforms. This collaboration supports TMTG’s aim to monetize its services and introduce subscription packages for Truth+. The announcement of TMTG’s fintech expansion has impacted competitors, with Bakkt Holdings experiencing a notable market reaction. Analysts from Ningi Research suggested that TMTG’s partnership with Charles Schwab diminishes acquisition prospects for Bakkt, highlighting the competitive challenges ahead.
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