The parent company of Donald Trump's Truth Social app was subpoenaed as part of a criminal investigation into its troubled attempt to go public through a blank check company.
Current and former employees of Trump Media and Technology Group were subpoenaed for information about the deal. It is not known if Trump was a part of them.
DWAC revealed its own criminal subpoenas. The US Securities and Exchange Commission and Financial Industry Regulatory Authority are investigating the merger.
The DWAC went public. The US government is looking into whether or not DWAC held merger talks before its IPO. Both companies could be in violation of federal securities laws if that happened.
According to the New York Times, the CEO of DWAC held business meetings with Trump before the shell company went public. US Senator Elizabeth Warren wrote a letter to the SEC urging it to look into the matter. Warren wrote that the reports about DWAC and Trump Media and Technology Group appeared to be a textbook example of misleading shareholders and the public.
After being kicked off of many social media sites, Trump started Truth Social in October of 2021. Technical problems, staff turnover, and a low user base are some of the problems the company has had.
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