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Former President Donald Trump speaking during a rally in Des Moines, Iowa, in October. Photo: Scott Olson/Getty Images

Regulators are investigating the planned merger between Digital World Acquisition Corporation and former President Trump's social media business, according to a recent filing by the SPAC.

Driving the news: The Securities and Exchange Commission and the Financial Industry Regulatory Authority are looking into the trading of Digital World's shares, while the SEC is investigating communications and documents between Digital World and Trump Media Technology Group.

  • Digital World said it is complying with the investigations.
  • The investigations come after the New York Times reported that Digital World’s chair and CEO Patrick Orlando held talks with Trump before the SPAC filed for its IPO in May or priced it in September.

The big picture: Sen. Elizabeth Warren (D-Mass.) asked SEC chair Gary Gensler to investigate the proposed merger in a letter sent in November.

  • Depending on how the investigations pan out, they could have cascading effects on other active and future SPAC deals, Axios' Dan Primack reports.
  • Trump hopes to launch a digital media network called "Truth Social" through Trump Media Technology Group.

Go deeper: Trump social media group raises $1 billion from undisclosed investors

Go deeper

Updated Jan 13, 2022 - Politics & Policy

Kevin McCarthy declines interview with Jan. 6 select committee

House Minority Leader Kevin McCarthy. Photo: Mark Wilson/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) said Wednesday he will not participate with the Jan. 6 select committee's request to interview him about his communications with former President Trump.

Driving the news: McCarthy, the highest-ranking elected official the panel has asked for information, said that he had nothing to add and criticized the panel's "abuse of power."

Jan 12, 2022 - World

Ahead of Iran deal decision, White House to "focus the fire on Trump"

Jen Psaki briefs the press as Jake Sullivan looks on. Photo: Alex Wong/Getty Images

With the Iran nuclear talks reaching a critical moment, the White House plans to focus much of its public messaging in the coming weeks on attacking former President Donald Trump for leaving the 2015 deal, two sources briefed on the White House plans told me.

Why it matters: The Biden administration thinks it's now just a matter of weeks before the critical decision point: Either a deal will be reached and the U.S. will return to the nuclear deal or talks will break down and the administration will move to put more pressure on Iran, the sources said.

Supreme Court agrees to hear challenge to affirmative action at Harvard, UNC

Photo: Al Drago/Getty Images

The Supreme Court on Monday agreed to hear a pair of cases challenging the consideration of race in the college admissions processes.

Why it matters: The conservative high court's ruling could determine the future of affirmative action in higher education.

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