The company received subpoenas from a grand jury in New York and the Securities and Exchange Commission, according to a public disclosure Friday.
Trump Media & Technology Group received subpoenas from a grand jury in New York and the Securities and Exchange Commission, according to a securities document filed by Digital World Acquisition Corp. on Friday. Digital World has plans to buy Trump Media, releasing $1.3 billion for its fledging business, but the deal is unlikely to be done during two legal probes.
On Monday, Digital World announced it had received subpoenas from the same grand jury convened by the Manhattan U.S. Attorney’s Office. Digital World has been under investigation by the SEC for possible violations for months, a development that has weighed on the stock. The SEC has been looking into whether Digital World broke rules by having substantial talks about buying Trump’s company starting early last year before Digital World sold stock to the public for the first time in September. Just weeks later it announced it would be buying Trump’s company.
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