Donald Trump left the board of his social media company weeks before federal subpoenas

The Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022.

Records show that Donald Trump left the board of his company just weeks before it was subpoenaed by the SEC.

According to a June 8 filing with the Florida Department of State's Division of Corporations, Donald Trump was removed from the board of directors of Trump Media and Technology Group. Donald Trump Jr. and five other people left the board. It was reported by the Herald-Tribune.

The company was subpoenaed by the SEC. A federal grand jury in New York subpoenaed the firm. A criminal investigation is in progress when a grand jury subpoena is issued.

Last week, the company said that the subpoenas were not directed at Trump. Representatives for Trump and the company did not respond to questions.

There is a proposed merger between Trump Media and Technology and Digital World Acquisition Corp. A criminal investigation was disclosed by DWAC Friday. DWAC said the government investigations could delay or even prevent its merger with Trump's newly formed company, which includes Truth Social.

The deal between DWAC and Trump Media is being investigated by the SEC. Combining with DWAC would give Trump's firm access to billions of dollars in public equity markets.

Senator Elizabeth Warren was the first to criticize the deal. DWAC may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, according to her letter to the SEC chair.

DWAC's shares were down less than a percent Thursday, but have fallen more than half their value this year.

Mike Calia is a correspondent for CNBC.