Trump Media is subpoenaed into the federal investigation into the truth-social deal.

Trump Media is subpoenaed into the federal investigation into the truth-social deal.
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The investigation by federal prosecutors and securities regulators into a proposed merger between a cash-rich blank check company and former President Donald J. Trump’s social media company is Mr. Trump’s end of the deal.

Federal prosecutors have served grand jury subpoenas against Trump Media & Technology Group and “certain current and former TMTG employees,” according to a regulatory filing filed Friday by Digital World Acquisition, the special-purpose vehicle that signed a tentative deal to merge with Trump Media Has.

Grand jury subpoenas are typically issued in connection with a possible criminal investigation. That filing said The Securities and Exchange Commission also served a subpoena on Trump Media this week.

Just a few days earlier, Digitale Welt revealed that she, too, had received a grand jury subpoena from the Manhattan Attorney’s Office, along with similar subpoenas that were served on her board.

The grand jury subpoenas appear to be related to previous SEC subpoenas on Digital World, which requested releases of possible merger talks with Trump Media officials ahead of Digital World’s September public offering.

Friday’s filing for admission said the grand jury subpoenas served on Trump Media “seeked a subset of the same or similar documents requested in subpoenas to Digital World and its directors.”

The widening investigation threatens to delay the completion of the merger, leaving Mr. Trump’s company and his social media platform Truth Social with up to $1.3 billion in capital and a public listing.

That SEC investigation has focused on whether there were serious discussions between the leadership of Digital World and Trump Media ahead of the SPAC IPO in September, and if so, why these talks were not disclosed in applications for approval. SPACs raising money to go public in hopes of finding a merger candidate shouldn’t have a takeover target in mind when raising money from investors.

Regulators also requested information on Digital World’s trading activity in securities prior to the October merger announcement. Few weeks before the announcement of the merger, since was a big increase in trade Digital World Warrants – a type of security that gives the holder the right to buy shares at a specific price.

Trump Media is based in Sarasota, Fla. and is led by Devin Nunes, the former Republican congressman who became chief executive officer this year. Mister. President is Trump, who has a license agreement with the company.

In a statement, Trump Media said it “will continue to cooperate fully with investigations into our proposed merger and will comply with subpoenas we have recently received, none of which were addressed to the company’s chairman or CEO.”

It’s unclear which current and former Trump Media employees have received subpoenas.

Truth Social, a Twitter-like platform, remains the company’s flagship product. Mister. Trump has become a frequent poster on the platform in recent months.

He repeatedly used the platform this week to criticize the testimony of a former White House aide. Cassidy Hutchinsonbefore the Congress Jan. 6 committee.

Trump Media has called Truth Social a “free speech” alternative to Twitter, which the former president used after the 6/19/2021 attack on the Capitol.

Maggie Haberman contributed reporting.

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