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Trump’s social media SPAC under investigation by SEC

trump social network influencers
Trump's social site (Screenshot)

The publicly traded SPAC that has announced plans to merge with former President Donald Trump’s new social media company stated in a new regulatory filing that the SEC and FINRA have requested information regarding stock trading and communications with Trump’s company, CNBC reported Monday.

Digital World Acquisition Corp (DWAC) announced that it had received a request for information from the Securities and Exchange Commission and the Financial Industry Regulatory Authority in the United States (FINRA).

DWAC’s filing comes after TMTG announced on Saturday that it had entered into agreements to raise approximately $1 billion from a group of unidentified investors as it prepares to list on the U.S stock market.

“According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security,” according to the filing.

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Brendan Taylor

Brendan Taylor was a TV news producer for 5 and a half years. He is an experienced writer. Brendan covers Breaking News at Insider Paper.

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