Jul 1, 2022 - Economy

Trump's social media company gets subpoenaed

Dan Primack

Donald Trump — Photo: Mandel Ngan/AFP via Getty Images

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.

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Trump's social media company gets subpoenaed

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