Donald Trump’s media and technology project is part of a new federal grand jury investigation, which is seeking information about the financial transactions of the phantom company with which Trump Media and Technology Group intends to merge, according to a new regulatory filing.
Last year, Trump Media & Technology Group announced plans to merge with Digital World Acquisition Corp. (DWAC), a Special Purpose Acquisition Corporation (SPAC), to become a publicly traded company.
On Monday, DWAC said in an SEC filing that the company “has realized that a federal grand jury in the Southern District of New York has issued subpoenas to every member of the Digital World board of directors.” In addition, on June 24, Digital World itself received a subpoena from a grand jury with “substantially similar requests”.
DWAC previously revealed that its deal to merge with Trump’s social media company is the target of a Securities and Exchange Commission investigation, and the Justice Department’s grand jury investigation is seeking similar information.
The Securities and Exchange Commission has sought “various documents and information relating to, among other things, the due diligence of Digital World in connection with TMTG, communications regarding and due diligence of potential targets other than TMTG, and the relationships between and between the Digital World (and/or certain Digital World officials and directors) and other entities (including ARC Global Investments II LLC, a sponsor of Digital World, and certain advisors, including Digital World’s underwriter and financial advisor in its initial public offering),” according to a DWAC filing on Monday.
The newly disclosed federal grand jury subpoenas “seek some of the same documents required in the SEC subpoenas referenced above, along with requests relating to Digital World’s S-1 filings, and communications with or about many of the individuals, and information relating to Rocket One Capital”.
In a separate statement on Monday, the Trump Media and Technology Group said the company is cooperating with government investigations.
TMTG focuses on restoring the American people’s right to freedom of expression. Every day, our team works tirelessly to maintain the rapid growth of Truth Social, introduce new users, and add new features. We encourage – and cooperate with – stewardship that supports the SEC’s important mission to protect retail investors. “
Also on Monday, DWAC revealed that Bruce Garellick, founder of investment firm Garelick Capital Partners, has left the company’s board of directors; She did not provide an explanation for his departure.
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