There was an update on Jul 1, 2022.
The parent company of Donald Trump's social media platform Truth Social and current and former employees have been subpoenaed by a grand jury in New York.
Donald Trump was on a cellphone screen at the launch of the app.
Digital World Acquisition Corp. disclosed Monday that it was being probed by a federal grand jury and a pre-existing civil investigation by the SEC.
The SEC and the grand jury are interested in documents and communications from DWAC about the transaction.
Shortly after the January 6 insurrection, Trump was banned from more than one social media platform. The merger of DWAC and TMTG was announced in October of this year. The DWAC CEO had conversations with Trump before the blank check company went public, which may have violated regulations prohibiting SPACs from selecting an acquisition target before raising funds. Truth Social went live in March but Trump did not post on the site until April. On Monday, DWAC revealed that board members had been served with federal grand jury subpoenas. DWAC shares fell from a peak of $175 to $24.20 on Friday.
The Trump media company was subpoenaed.
Axios reported that Trump's social media company got subpoenaed.
Trump agrees to post on truth social before any other sites.
After Federal Grand Jury Issues Subpoenas, the shares of Trump's Truth Social SPAC plummeted.
Executives quit as the company's stock dropped.
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