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Trump Media Company in Federal Probe of SPAC Deal

Published 07/01/2022, 04:28 PM
Updated 07/01/2022, 04:55 PM
© 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. 

Latest comments

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. 😊
Go tell the FBI! Hahaha
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. 😊
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.
They will do anything to stop freedom.
Lol fredom ? Or misinformation
who cares. God America is falling apart. Rats
Lyin’ Social….the final resting place of Trump University graduates.
These endless attacks on political opponents sounds a like like ****Germany...
anyway, it will be great free media and profitable investment.
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