Company buying Trump's social media app faces subpoenas

[Omaha Steve]

Source: AP

NEW YORK (AP) — The company planning to buy Donald Trump’s new social media business disclosed Monday that it has received subpoenas from a grand jury in New York.

Shares of Digital World Acquisition Corp. dropped 7% in morning trading Monday as the company reported that the subpoenas and related investigations by the Department of Justice and the Securities and Exchange Commission could delay its acquisition of the maker of Trump’s Truth Social app.

Trump’s social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube.

The Trump Media & Technology Group — which operates the app and was in the process of being acquired by “blank-check” firm Digital World — said in a statement that it will cooperate with “oversight that supports the SEC’s important mission of protecting retail investors.”

Read more: https://apnews.com/article/technology-social-media-donald-trump-4853286c793565badd5fb0381e5192fa

[Escurumbele]

1. Glad they are being investigated...Why would anyone want to buy a failed business?

That truth business failed from the first day, and these people want to buy it, why? Is the money coming from Vlad or one of his "associates"???

[PatSeg]

2. I know, that is truly bizarre

and very suspicious.

[LetMyPeopleVote]

3. Digital World board members get subpoena over Trump's social media deal

These are DOJ subpoenas and are in addition to the SEC subpoenas. This will be fun to watch

Link to tweet

https://www.reuters.com/technology/digital-world-board-members-get-subpoena-over-trumps-social-media-deal-2022-06-27/

- Blank-check firm Digital World Acquisition Corp (DWAC.O) said on Monday each of its board directors had received subpoenas from federal prosecutors over the company's merger plans with former U.S President Donald Trump's social media firm.

The federal probe is the latest setback to Trump's efforts to take Trump Media & Technology Group Corp (TMTG), the creator of social media platform Truth Social, public. TMTG in October agreed to merge with Digital World and was expecting the deal to close by the second half of this year. .....

Earlier this month, the company reported that the U.S Securities and Exchange Commision (SEC) and the Financial Industry Regulatory Authority, which have been probing its deal with TMTG since late last year, had also sought more information