On May 12, 2021, a view of the U.S. Securities and Exchange Commission’s (SEC) headquarters in Washington, D.C.

The SEC stated in a separate statement on Friday that public corporations that have employed BF Borgers will need to find new accounting firms.

Plans to do it were disclosed by Trump Media.

In line with today’s SEC ruling, Trump Media is eager to collaborate with new auditing partners, Shannon Devine, a spokesman, told CNN in a statement.

Before the social media giant went public in March, Borgers operated as Trump Media’s independent registered accounting firm, according to documents. The appointment of Borgers as the public company’s accounting firm was accepted by Trump Media’s audit committee later in March.

BF Borgers may have had 350 clients during this time, subject to SEC regulations, but Trump Media may have been the most well-known.

The SEC investigation was limited to publicly traded businesses; therefore, BF Borgers’ prior private employment with Trump Media was not covered.

A request for a response from BF Borgers was not answered.

Former President Donald Trump, who is also the most popular user on Truth Social, chairs and owns the majority of Trump Media.

Despite Trump Media’s Wall Street valuation of more than $9 billion, the company doesn’t make much money, and Truth Social is still a minor force in the social media space.

According to data intelligence firm Similarweb, Truth Social’s average daily active US users on iOS and Android decreased by 19% year over year in April to 113,000. There are more than 300 times as many users of X, the program that was formerly known as Twitter.