The SPAC that is trying to buy the company behind Truth Social has received subpoenas from a grand jury, an SEC filing shows.
The subpoenas indicate that federal prosecutors are considering a criminal investigation.
The merger of Digital Wold and TMTG is already the subject of an SEC investigation.
The SPAC Trying to Take Over the Company Behind Donald Trump’s social media app Truth Social said in a Securities and Exchange Commission Submit The acquisition is the subject of a new grand jury investigation on Monday.
Digital World Acquisition Corp warned in its filing that it has received a number of subpoenas, which have the potential to delay or even terminate the merger it is pursuing with Trump Media and Technology Group, especially as the deal is already under investigation by the SEC†
According to the filing, a member of Digital World’s board of directors received subpoenas from a grand jury in New York’s Southern District on June 16.
The grand jury also sent subpoenas to the company on June 24, according to the SEC filing.
Digital World’s filing on Monday said the grand jury subpoenas contained “substantially similar requests” to those previously made by the SEC.
The subpoenas indicate that federal prosecutors could investigate the possibility of a criminal investigation into the acquisition.
United States Attorney for New York’s Southern District Damian Williams declined to comment when approached by The New York Times about the declaration.
Williams’ office did not immediately respond to contact with Insider outside of normal working hours in the US.
Digital World Acquisition Corp and TMTG did not immediately respond to contact with Insider outside of normal business hours in the US.
Research by researchers is not the only threat to Digital World. The company warned in a May filing that Trump’s previous failed business ventures — including the Trump Taj Mahal casino, Trump University and Trump Vodka — mean that TMTG could be vulnerable to bankruptcy†
Trump’s Twitter account was permanently suspended in January 2021 after he posted a video addressing rioters during the storming of the Capitol on Jan. 6.
In the video, Trump told rioters: “Go home. We love you. You are very special,” repeating baseless claims that the election had been fraudulent.
Twitter said it had banned him “for the risk of further inciting violence”.
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