New York-based grand jury issues subpoenas to Truth Social SPAC board members
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New York-based grand jury issues subpoenas to Truth Social SPAC board members
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New York-based grand jury issues subpoenas to Truth Social SPAC board members
Plans for a special purpose acquisition company (SPAC) merger for Donald Trump’s media group could have hit roadblocks with a New York-based federal grand jury sending subpoenas to members of the company’s board.
According to a new SEC filing, these subpoenas have requested documents related to “Digital World’s S-1 filings, communications with or about multiple individuals, and information regarding Rocket One Capital.”
The SEC made inquiries about the acquisition corporation last December about its anticipated merger with Trump Media & Technology Group (TMTG), the owner of the Truth Social platform.
Digital World Acquisition Corp. (DWAC), the blank check company, said in the filing that these requests could “delay the effectiveness of the Registration Statement, which could materially delay, materially impede, or prevent the consummation of the Business Combination.”
Truth Social launched to the general public in February on the App Store, but many folks had a lot of trouble getting into the social network, with waitlists going up to 100,000 users. In May, the company launched a web app, but there’s no Android version in sight.
Trump currently has more than 3 million followers on Truth Social — which is much lower than the more than 88 million he had on Twitter when he got banned from the platform last year.
Notably, the former U.S. president has a special deal with Truth Social, which bars him from cross-posting something on other social networks for six hours. So even if Elon Musk unbans Trump after he takes over Twitter, the account will just likely repost content from Truth Social after a delay.
Associated PressCompany buying Trump's social media app faces subpoenas
The company planning to buy Donald Trump’s new social media business has disclosed a federal grand jury investigation that it says could impede or even prevent its acquisition of the Truth Social app. Shares of Digital World Acquisition Corp. dropped 10% in morning trading Monday as the company revealed that it has received subpoenas from a grand jury in New York. The Justice Department subpoenas follow an ongoing probe by the Securities and Exchange Commission into whether Digital World broke rules by having substantial talks about buying Trump’s company starting early last year before Digital World sold stock to the public for the first time in September, just weeks before its announcement that it would be buying Trump’s company.
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