The special purpose acquisition company, or SPAC, merging with former President Donald Trump's social media company has been hit with subpoenas from a federal grand jury in New York, The New York Times reports Monday, per a regulatory filing.
The subpoenas were issued to Digital World Acquisition and its directors within the past week, the Times reports. The merger between Digital World and Trump Media & Technology Group — after which Trump Media would "assume Digital World's listing and trade as a public company" — has been under investigation by regulators for months, the Times adds.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Securites and Exchange Commission's investigation into the merger between Digital World and Trump Media is concerned with whether leaders of each company talked seriously before the SPAC went public and why the talks weren't disclosed. SPACs "are not supposed to have an acquisition target in mind when they raise money from investors," the Times writes.
Grand jury subpoenas are usually linked to a possible criminal investigation. Read more at the The New York Times.
-
Film reviews: 'Wicked: For Good' and 'Rental Family'Feature Glinda the Good is forced to choose sides and an actor takes work filling holes in strangers' lives
-
‘Like a gas chamber’: the air pollution throttling DelhiUnder The Radar Indian capital has tried cloud seeding to address the crisis, which has seen schools closed and outdoor events suspended
-
Political cartoons for November 23Cartoons Sunday’s political cartoons include a Thanksgiving horn of plenty, the naughty list, and more
-
What a rising gold price says about the global economyThe Explainer Institutions, central banks and speculators drive record surge amid ‘loss of trust’ in bond markets and US dollar
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Argentinian beef is at the center of American farmers’ woesThe Explainer ‘It feels like a slap in the face to rural America,’ said one farmer
-
Will latest Russian sanctions finally break Putin’s resolve?Today's Big Question New restrictions have been described as a ‘punch to the gut of Moscow’s war economy’
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
China’s rare earth controlsThe Explainer Beijing has shocked Washington with export restrictions on minerals used in most electronics
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
The struggles of Aston Martin: burning cash not rubberIn the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
