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Trump Media Company in Federal Probe of SPAC Deal

Stock Markets Jul 01, 2022 04:55PM ET

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Trump Media Company in Federal Probe of SPAC Deal

© Reuters.

By Yasin Ebrahim

Investing.com -- Donald Trump’s media company was subpoenaed by a federal grand jury earlier this week relating to a criminal probe, Digital World Acquisition Corp. said in an SEC filing Friday.

Digital World Acquisition (NASDAQ:DWAC) fell less than 1% in afterhours trading following the news.

The company said that Trump Media & Technology Group Corp received a subpoena from the grand jury in the Southern District of New York on Thursday.

The update comes just days after Trump's media company on Monday received a subpoena from the Security and Exchange Commission seeking details related to the company's combination with Digital World Acquisition.

Digital World Acquisition Corp and Trump Media and Technology Group announced last year that they would merge in a SPAC deal to create a new social media app called Truth Social.

The subpoenas, and the underlying investigations by the SEC and the U.S. Department of Justice, "can be expected to delay" the combination of Trump Media and Technology Group and Digital World Acquisition Corp, the latter said.

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Comments (7)

Bruce Halstead Aug 07, 2022 12:57PM ET

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The Swamp who is in control of the SEC and the Southern District of New York will fail again and again. Their witch hunts looking for anything against Trump always fail. This one will too because he did NOTHING WRONG.

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Flavio Man Aug 07, 2022 12:57PM ET

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Go tell the FBI! Hahaha

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Bruce Halstead Aug 07, 2022 12:57PM ET

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The Swamp who is in control of the SEC and the Southern District of New York will fail again and again. Their witch hunts looking for anything against Trump always fail. This one will too because he did NOTHING WRONG.

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Joe Wiggs Jul 02, 2022 6:45PM ET

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The SPAC trying to buy the firm behind Truth Social has received subpoenas from a grand jury, an SEC filing shows. The subpoenas indicate federal prosecutors may be considering a criminal investigation. The merger of Digital Wold and TMTG is already the subject of an SEC investigation.

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Raymond Pasillas Jul 02, 2022 9:25AM ET

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They will do anything to stop freedom.

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Jose Lopez Jul 02, 2022 9:25AM ET

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Lol fredom ? Or misinformation

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nick cage Jul 01, 2022 11:59PM ET

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who cares. God America is falling apart. Rats

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Tom Snell Jul 01, 2022 7:29PM ET

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Lyin’ Social….the final resting place of Trump University graduates.

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Scott Faries Jul 01, 2022 5:22PM ET

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These endless attacks on political opponents sounds a like like ****Germany...

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Aleksandr Rogovoy Jul 01, 2022 5:22PM ET

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anyway, it will be great free media and profitable investment.

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