The company planning to buy Donald Trump’s new social media business has disclosed a federal grand jury investigation that it says could impede or even prevent its acquisition of the Truth Social app. Shares of Digital World Acquisition Corp. dropped 10% in morning trading Monday as the company revealed that it has received subpoenas from a grand jury in New York. The Justice Department subpoenas follow an ongoing probe by the Securities and Exchange Commission into whether Digital World broke rules by having substantial talks about buying Trump’s company starting early last year before Digital World sold stock to the public for the first time in September, just weeks before its announcement that it would be buying Trump’s company. [time-brightcove not-tgx=”true”] Read More: What to Know About Digital World, the Company Funding Trump’s New Social Media Platform ‘TRUTH Social’ Trump’s social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube. The Trump Media & Technology Group — which operates the Truth Social app and was in the process of being acquired by Digital World — said in a statement that it will cooperate with “oversight that supports the SEC’s important mission of protecting retail investors.” The new probe could make it more difficult for Trump to finance his social media company.

BING NEWS:
  • Fact Check: Did Trump's Truth Social Publish an Advert for a Vaccine Radar?
    When Donald Trump's Twitter account was suspended for "repeated and severe violations" of usage policy, the former president launched a new app, Truth Social, viewed as a response to the social media ...
    08/15/2022 - 7:45 am | View Link
  • Trump's social media platform Truth Social, buyer need extension to complete merger
    Digital World Acquisition Corp. announced Friday a special shareholder meeting to approve an extension to the cut-off date to complete its merger with Truth Social.
    08/6/2022 - 9:35 pm | View Link
  • Trump social media deal can't close on time, needs extension, buyer says
    Digital World Acquisition Corp , the blank-check company taking former U.S. President Donald Trump's Truth Social app public, on Friday announced a special meeting of shareholders to approve an ...
    08/5/2022 - 10:40 am | View Link
  • FTC acts to block Meta from buying VR company, fitness app
    The regulators said that Meta already is a key player “at each level of the virtual reality sector,” owning the top-selling device, a leading app store, seven of the most successful developers ...
    07/27/2022 - 8:38 am | View Link
  • Company buying Trump's social media app faces subpoenas
    The Trump Media & Technology Group — which operates the Truth Social app and was in the process of being acquired by Digital World — said in a statement that it will cooperate with ...
    06/27/2022 - 10:54 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News