Federal securities regulators and a federal grand jury in New York have subpoenaed former President Trump’s social media company as part of investigations into its pending deal to go public through a blank check company called Digital World Acquisition Corp., according to a disclosure on Friday.
The big picture: Some current and former members of the Trump Media & Technology Group were also subpoenaed, but specific names were not disclosed.
Why it matters: The investigation continues to expand and could delay or prevent TMTG from going public.
- Subpoenas were previously issued to members of the company for blank checks.
- At issue is whether Digital World Acquisition held merger talks with Trump Media before its own IPO, which would have violated securities law.
- Trump Media operates the app Truth Social, run by former Rep. Devin Nunes (R-Calif.). It also has ambitions to expand into video and other media.
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