Donald Trump's social media company and some of its employees received subpoenas from both a federal grand jury and securities regulators, according to a public disclosure, possibly delaying a deal promising a cash infusion needed to take on Twitter.
FILE - In this July 24, 2021, file photo former President Donald Trump speaks to supporters at a gathering in Phoenix. The company planning to buy Donald Trump’s new social media business disclosed Monday, June 27, 2022 that it has received subpoenas from a grand jury in New York. Shares of Digital World Acquisition Corp.
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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