Trump’s media group receives subpoenas related to Digital World investigation filing

The Truth social network logo can be seen in this taken illustration. REUTERS/Dado Ruvic/Illustration

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July 1 (Reuters) – Blank check firm Digital World Acquisition Corp (DWAC.O) said on Friday that former U.S. President Donald Trump’s social media company had received two separate subpoenas over its merger plans .

The development comes days after Digital World said each of its boards had received subpoenas from federal prosecutors regarding the SPAC deal with Trump Media & Technology Group (TMTG), the creator of the platform. social media platform Truth Social. Read more

The blank check company said on Friday that TMTG had received subpoenas from the US securities regulator and a federal grand jury in the Southern District of New York, adding that federal prosecutors had requested the same documents from TMTG. which they had asked Digital World and its administrators earlier. (https://bit.ly/3ny1in2)

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“Trump Media & Technology Group will continue to cooperate fully with investigations into our proposed merger and will comply with the subpoenas we recently received, none of which were directed against the company’s chairman or CEO,” the company said in a statement on Friday. .

TMTG agreed to merge with Digital World in October and the deal was expected to close by the second half of this year. The latest developments could delay or block the agreement.

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have been investigating the deal since late last year. Last month, Digital World said the SEC had also requested more information.

Some current and former TMTG members also recently received individual grand jury subpoenas, according to the blank check company.

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Reporting by Chavi Mehta in Bengaluru; Additional reporting by Rhea Binoy; Editing by Shounak Dasgupta and Chris Reese

Our standards: The Thomson Reuters Trust Principles.

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