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Feds Issue Subpoena for Company Behind Trump’s Truth Social


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The witch hunt just never ends.

The company that is in the process of merging with Trump’s social media platform Truth Social is currently under investigation by the SEC.

Board members of DWAC (Digital World Acquisition Corp) are all under federal investigation and have received subpoenas from the SEC.

As of now, no wrongdoing has been brought to light and many believe it’s just another attack against Trump.

CNBC stopped these details:

A federal criminal investigation is threatening the proposed merger between former President Donald Trump’s social media enterprise and a special purpose acquisition company, a deal that would give the combined company access to billions of dollars in public markets.

That company, Digital World Acquisition Corp., revealed in a securities filing Monday that it became aware on June 16 that each member of its board of directors received subpoenas from a federal grand jury in New York.

The grand jury wants similar documents that the Securities and Exchange Commission had been seeking in its already disclosed civil probe, DWAC said. The company itself received a subpoena Friday with similar requests, along with other requests relating to communications, individuals and information involving Rocket One Capital.

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Axios had more on the story:

Federal securities regulators have expanded their investigation into the planned merger between a blank check acquisition company and former President Trump’s social media business, known as Truth Social, according to a Monday morning filing with the SEC.

Why it matters: Truth Social’s financial prospects are heavily reliant on investment tied to the merger, which may never come to pass.

Backstory: The Securities and Exchange Commission is investigating communications between the blank check company, called Digital World Acquisition Corp., and Trump. Of particular interest would be if the two sides negotiated prior to DWAC going public, which would have been illegal.

What’s new: DWAC previously disclosed that it was under investigation, but on Monday said that regulators are seeking “additional documents and information.”



 

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