A federal grand jury in Manhattan has just subpoenaed Trump’s social media company and parent of the former president’s Truth Social app, Trump Media & Technology Group (TMTG).
Digital World has plans to buy Trump Media, releasing $1.3 billion for its fledging business, but the deal is unlikely to be done during two legal probes.
According to a statement from Trump Media, President Trump himself was not one of the employees who had received a subpoena.
The SEC has been looking into whether Digital World broke rules by having talks about buying Trump’s company beginning early last year before Digital World sold stock to the public for the first time in September. Only a few weeks later did it make the announcement that it would be purchasing Trump’s company.
More details of this report from CNBC:
Donald Trump’s media company was subpoenaed by a federal grand jury in connection with a criminal probe, according to the company with which the former president’s firm plans to merge.
Digital World Acquisition Corp. said in a filing Friday that Trump Media and Technology Group received a subpoena from the grand jury in Manhattan on Thursday. The Trump company also received a subpoena from the Securities and Exchange Commission regarding a civil probe on Monday, DWAC said.
DWAC also said some current and former TMTG employees have also recently received grand jury subpoenas. Later Friday, TMTG said it would comply with the subpoenas, and that none of them were directed at its chairman, Trump, or CEO, former U.S. Rep. Devin Nunes.
The filing came days after DWAC said the government investigations could delay or even prevent its merger with Trump’s newly formed company, which includes Truth Social, a social media app intended to be an alternative to Twitter.
Early criticism of the Trump-DWAC deal came from Sen. Elizabeth Warren, D-Mass. In calling for an investigation, she wrote to SEC Chair Gary Gensler in November, telling him that DWAC “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in filing and other public statements.” The lawmaker’s request came shortly after The New York Times published a report that said the deal might have violated securities laws and regulations.
Democrats are doing everything they can to delay or prevent TMTG from going public.