Plans for a Special Purpose Acquisition Company (SPAC) merger for Donald Trump’s media group may face obstacles as a New York-based federal grand jury issues subpoenas to members of the company’s board of directors.
According to a new SEC filing, those subpoenas have requested documents related to “Digital World’s S-1 filings, communications with or about multiple individuals, and information regarding Rocket One Capital.”
The SEC made inquiries about the takeover company last December anticipated merger with Trump Media & Technology Group (TMTG)the owner of the Truth Social Platform.
Digital World Acquisition Corp (DWAC), the blank check company, said in the filing that these filings “could delay the effectiveness of the registration statement, which could materially delay, materially hinder or prevent the consummation of the business combination.”
Truth Social launched to the general public February in the App Store, but many people had great trouble getting into the social network, with waiting lists of up to 100,000 users. The company started up in May a web appbut there is no Android version in sight.
Trump currently has more than 3 million followers on Truth Social — a lot less than the 88 million+ he had on Twitter when he was banned from the platform last year.
Notably, the former US President has a special contract with Truth Social that prevents him from posting anything on others social networks for six hours. So even if Elon Musk unbans Trump After taking over Twitter, the account will likely re-post content from Truth Social after a delay.
New York-based grand jury issues subpoenas to Truth Social SPAC board members – TechCrunch Source link New York-based grand jury issues subpoenas to Truth Social SPAC board members – TechCrunch