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Trump social media firm subpoened by feds, stock regulators
Donald Trump’s social media company and some of its employees received subpoenas from a federal grand jury in New York and securities regulators.
Politics
NEW YORK – Donald Trump's social media company and some of its employees received subpoenas from both a federal grand jury and securities regulators, according to a public disclosure Friday, possibly delaying or even killing a deal promising a cash infusion needed to take on Twitter.
Trump Media & Technology Group received subpoenas from a grand jury in New York and the Securities and Exchange Commission, according to a securities document filed by Digital World Acquisition Corp. on Friday. 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.
Trump, who is Trump Media's chairman, was not among the employees who received subpoenas, according to a Trump Media statement.
On Monday, Digital World announced it had received subpoenas from the same grand jury convened by the Manhattan U.S. Attorney's Office. Digital World has been under investigation by the SEC for possible violations for months, a development that has weighed on the stock.