Endless witch hunt!
The company that created Trump’s Truth Social is under investigation by SEC.
DWAC board members are under federal investigation and have received subpoenas from the SEC.
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Company behind Trump's Truth Social deal hit with federal grand jury subpoenas https://t.co/S37gCZqS5t
— Jon Cooper (@joncoopertweets) June 27, 2022
BREAKING: SDNY hits the TRUMP Truth Social funding firm DWAC with at least EIGHT federal grand jury SUBPOENAS seeking the same info the SEC and FINRA were seeking in our previous reports. https://t.co/ZkEDo9VEfL
— Mueller, She Wrote (@MuellerSheWrote) June 27, 2022
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.
The focus of the investigation is whether the Trump-related acquisition was the reason for the SPAC in the first place. If so, that had to be disclosed. This could not only destroy DWAC but also lead to criminal charges if the facts & circumstances warrant.
— Richard Signorelli (@richsignorelli) June 27, 2022
Axios has more:
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.”