Former President Donald Trump told a story on Monday in which he claimed that he decided not to list the Trump Media & Technology Group on the New York Stock Exchange, even though the exchange “badly” wanted the company, because businesspeople are “treated too badly in New York” and “don’t want to be attacked by a thug like this horrible attorney general that we have in New York.”
There is one problem. The story does not make any sense.
Facts First: The stock exchange on which the Trump Media & Technology Group is being listed, the Nasdaq, is also headquartered in New York. In fact, the Nasdaq and the New York Stock Exchange are located in the same New York City borough of Manhattan. In other words, all of the New York laws and political oversight that would have applied to the company if it was listed on the NYSE will apply to the company when it is listed on the Nasdaq.
“It’s just mind-bogglingly nonsensical,” Jonathan Macey, a Yale Law School corporate law, corporate finance and securities law professor, said of Trump’s story.
Macey repeatedly laughed while discussing the story in an interview. He said it would be the equivalent of someone claiming that, to avoid persecution in New York, they were going to avoid shopping at Macy’s in New York but instead would shop at the Bloomingdale’s store next door in New York. He said: “Like, what?”
“I hope somebody advising President Trump informs him that the same investor protection rules that safeguard investors of the New York Stock Exchange also safeguard investors on the Nasdaq Stock Market,” Macey said.
Trump, now the presumptive Republican presidential nominee, told the story during a press conference in which he denounced New York Attorney General Letitia James and Manhattan District Attorney…
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