Trump social media merger hit with grand jury subpoenas


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 grand jury subpoenas are seeking information similar to that already requested by regulators, as well as information regarding a Miami venture capital firm known as Rocket One Capital. Bruce Garelick, listed in the filing as the chief strategy officer at Rocket One, apparently resigned as director at Digital World, the company disclosed.
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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
October 13 editorial cartoons
Cartoons Monday's political cartoons include Donald Trump's consolation prize, government workers during shutdown, and more
-
Can Gaza momentum help end the war in Ukraine?
Today's Big Question Zelenskyy’s request for long-range Tomahawk missiles hints at ‘warming relations’ between Ukraine and US
-
The Israeli hostages and Palestinian prisoners being released
The Explainer Triumphant Donald Trump addresses the Israeli parliament as families on both sides of the Gaza war reunite with their loved ones
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
The struggles of Aston Martin: burning cash not rubber
In the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
-
Why are beef prices rising? And how is politics involved?
Today's Big Question Drought, tariffs and consumer demand all play a role
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Labor: Federal unions struggle to survive Trump
Feature Trump moves to strip union rights from federal workers
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
Switzerland could experience unique economic problems from Trump's tariffs
In the Spotlight The current US tariff rate on Switzerland is among the highest in the world