The investigation by federal prosecutors and securities regulators into a proposed merger between a cash-rich blank check company and former President Donald J. Trump’s social media company has neared the end of the Trump deal.
Federal prosecutors served grand jury subpoenas on Trump Media & Technology Group and “certain current and former TMTG personnel,” according to a regulatory filing filed Friday by Digital World Acquisition Corp., the special-purpose acquisition company that has a deal. tentative to merge with Trump. Media.
Grand jury subpoenas are usually issued in connection with a potential criminal investigation. The filing says the Securities and Exchange Commission also served Trump Media with a subpoena this week.
The disclosure comes just days after Digital World revealed that it had also received a grand jury subpoena from federal prosecutors in Manhattan along with similar subpoenas served on its board of directors.
The grand jury subpoenas appear to be related to earlier subpoenas from the SEC on Digital World which had sought communications about potential merger talks with representatives of Trump Media prior to Digital World’s September 2021 initial public offering.
Friday’s regulatory filing said the grand jury subpoenas sent to Trump Media were “seeking a subset of the same or similar documents required in the subpoenas to Digital World and its directors.”
The sprawling investigation threatens to delay the completion of the merger, which would provide Trump’s company and his social media platform, Truth Social, with up to $1.3 billion in capital, as well as going public.
The SEC investigation focused on whether there were any serious discussions between Digital World leadership and Trump Media before the special purpose acquisition company, or SPAC, went public in September and why those discussions were not disclosed in the media. regulatory documents. SPACs, which raise money to go public in hopes of finding a merger candidate, are not supposed to have an acquisition goal in mind when raising money from investors.
Trump Media representatives did not immediately respond to a request for comment.
The Sarasota, Florida-based company is run by Devin Nunes, the former Republican congressman who became CEO earlier this year. Trump, who has a licensing agreement with the company, is the president.
It is unclear which current and former Trump Media staff received subpoenas.
Truth Social, a platform similar to Twitter, remains the company’s main product. Mr. Trump, in recent months, has become a frequent poster on his social media platform.
This week, he used the platform repeatedly to criticize the testimony of a former White House aide, Cassidy Hutchinson, before the January 6 committee.
Maggie Haberman contributed report.