World News | Company Buying Trump's Social Media App Faces Subpoenas
Get latest articles and stories on World at LatestLY. The company planning to buy Donald Trump's new social media business disclosed Monday that it has received subpoenas from a grand jury in New York.
New York, Jun 27 (AP) The company planning to buy Donald Trump's new social media business disclosed Monday that it has received subpoenas from a grand jury in New York.
Shares of Digital World Acquisition Corp dropped 7% in morning trading Monday as the company reported that the subpoenas and related investigations by the Department of Justice and the Securities and Exchange Commission could delay its acquisition of the maker of Trump's Truth Social app.
Also Read | Mexico: 6 Police Officers Killed, 4 Injured in Shootout With Armed Individuals.
Trump's social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube.
The Trump Media & Technology Group — which operates the app and was in the process of being acquired by “blank-check” firm Digital World — said in a statement that it will cooperate with "oversight that supports the SEC's important mission of protecting retail investors.”
Digital World said in a regulatory filing Monday that each member of its board of directors has been subpoenaed by a grand jury in the Southern District of New York. Both the grand jury and the SEC are also seeking a number of documents tied to the company and others including ARC Global Investments and Rocket One Capital. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)