Phillip Juhan, finance boss of Donald Trump’s media firm, earned 4 occasions as a lot as CEO Devin Nunes

The corporate’s registration documents present that Nunes, who was a GOP congressman representing Southern California previous to being named TMTG’s CEO in 2022, acquired paid $750,000 in fiscal years 2022 and 2023. That’s considerably greater than CFO Phillip Juhan’s base wage of $312,500 and $337,500 in the identical years, respectively. And when it was nonetheless non-public, TMTG issued promissory notes to every of its named government officers together with Nunes, Juhan, and chief working officer Andrew Northwall. The quantities of the promissory notes have been $1.2 million for Nunes, $4.9 million for Juhan, and $200,000 for Northwall. The corporate put aside one other $650,000 in promissory notes for different executives who aren’t amongst that trio, TMTG mentioned. 

After TMTG mixed with blank-check firm Digital World Acquisition Corp., which runs the social media platform Truth Social, the notes have been routinely transformed to 625,000 shares of widespread inventory. That translated into 115,000 shares for Nunes, 490,000 for Juhan, and 20,000 shares for Northwall.

A spokesperson for the corporate didn’t instantly reply to Fortune’s request for remark.

The submitting comes as questions have arisen in regards to the firm’s accounting agency, BF Borgers, which is predicated in Lakewood, Colo. The Public Firm Accounting Oversight Board discovered deficiencies in every audit it reviewed in two yearly checkups. The Monetary Instances reported Monday that TMTG rapidly employed that agency after its first choice, WithumSmith+Brown, resigned.

The corporate’s stock price has dropped practically 60% since it went public, with share costs falling additional as we speak to $26.61. The inventory fell 15% this morning after the corporate introduced that it would promote 146.1 million shares, plus former President Donald Trump’s stake, which incorporates 114.8 million shares. Trump owns about 58% of the corporate, and he stands to take in another 36 million in what are called earnout shares if the corporate can hit sure efficiency benchmarks.

As for its executives, Nunes’s base wage rose to $1 million this yr, and he’ll be eligible to take part within the bonus plan if there may be one. He additionally acquired an preliminary incentive grant of 145,000 restricted inventory models (RSUs) that was later amended to a retention bonus of $600,000 in money, the corporate mentioned.

Juhan’s settlement referred to as for an preliminary fairness grant of 520,000 RSUs that was additionally amended to $600,000 in money. Juhan acquired a pay bump to $365,000 a yr as nicely.

Northwall, too, acquired the identical $600,000 money bonus as an alternative of fifty,000 RSUs.

Juhan was beforehand CFO at fitness-club chain City Sports activities Worldwide Holdings, which closed in the course of the pandemic. The corporate was unable to refinance its $180 million time period mortgage that got here due and was pressured to file for chapter, TMTG mentioned.