Federal securities regulators and a federal grand jury in New York have subpoenaed former President Trump’s social media company as part of their investigations into its pending deal to go public via a blank-check company called Digital World Acquisition Corp., according to a Friday disclosure.
The big picture: Certain current and former members of Trump Media & Technology Group were also subpoenaed, but no specific individual names were disclosed.
Why it matters: The investigation continues to expand and could delay or prevent TMTG from going public.
- Subpoenas previously were issued for members of the blank-check company.
- At issue is whether or not Digital World Acquisition held merger talks with Trump Media prior to its own IPO, which would have violated securities law.
- Trump Media operates the Truth Social app, led by former Rep. Devin Nunes (R-Calif.). It also has ambitions to expand into video and other media.