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.
Subscribe to 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.
Sign up for Today's Best Articles in your inbox
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.
-
What does 'conquering' Gaza mean to Israel?
Today's Big Question Benjamin Netanyahu's cabinet has approved a plan to displace much of the Palestinian population while seizing and occupying the territory on a long-term basis.
-
Casey Means: the controversial 'wellness influencer' nominated for surgeon general
In the Spotlight Means has drawn controversy for her closeness to RFK Jr.
-
Trump taps Fox News' Pirro for DC attorney post
speed read The president has named Fox News host Jeanine Pirro to be the top federal prosecutor for Washington, replacing acting US Attorney Ed Martin
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
How the US bond market works – and why it matters
The Explainer Donald Trump was forced to U-turn on tariffs after being 'spooked' by rise in Treasury yields
-
Who would win in a China-US trade war?
Today's Big Question Tariff pain will be higher for China but Beijing is betting it can weather the storm
-
Lesotho: the tiny African nation in the crosshairs of Trump's tariff war
Under the Radar US president imposes 50% reciprocal levy on the impoverished state: the highest of his so-called 'Liberation Day' tariffs
-
What is the job market's future after Trump's tariffs?
Talking Points Economic analysts are split on what the tariffs could mean for employees
-
Is this the end of globalisation?
Today's Big Question American-led post-war order is 'finally starting to crumble' but that could bring about 'a more inclusive world'
-
How could stock market slides affect you?
Today's Big Question Pensions, prices and jobs at risk as Donald Trump's 'Liberation Day' measures take hold