U.S. financial regulators investigate Trump social media deal
Wall Street’s top financial regulators are investigating former U.S. President Donald Trump’s $1.25 billion deal to float his new social media venture on the stock market, a filing showed.
Digital World said the SEC asked for documents in early November relating to communications between Digital World and TMTG, meetings of Digital World’s board, policies and procedures relating to trading, the identification of banking, telephone, and email addresses and the identities of certain investors.
The SEC stated in its request that its investigation does not mean that the regulator has concluded that anyone violated the law, Digital World added.
Senator Elizabeth Warren had asked the SEC to investigate TMTG’s proposed merger with Digital World over potential violations of securities laws, including whether they had sufficiently disclosed when deal talks began.
The investigations come amid excitement among Trump supporters and retail investors over the planned deal. Frantic trading of Digital World’s shares has driven TMTG’s valuation from $875 million in October to close to $4 billion.
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