Trump social network deal under federal investigation ...

[aggiesal]

Federal prosecutors are scrutinizing a billion-dollar merger between a blank-check company and former President Donald Trump's social media startup, the company revealed in a regulatory filing Monday.

A federal grand jury in New York last week issued subpoenas to Digital World Acquisition Corp., the special purpose acquisition company merging with Trump Media & Technology Group, as well members of Digital World's board of directors.

The grand jury in New York's Southern District is the latest federal investigation that could delay or complicate the merger between the company Trump chairs and Digital World, a special purpose acquisition company. The companies previously indicated they expected the merger to be complete this year, and would provide Trump Media with $1.25 billion in net proceeds, as well a stock market listing.

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https://www.cbsnews.com/news/trump-social-network-deal-federal-investigation/

[LetMyPeopleVote]

1. This will be fun to watch

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