Image by Gerd Altmann from Pixabay

Trump social network deal under federal investigation

Federal prosecutors are scrutinizing a billion-dollar merger between a blank-check company and former President Donald Trump’s social media startup, the company revealed in a regulatory filing Monday.

A federal grand jury in New York last week issued subpoenas to Digital World Acquisition Corp., the special purpose acquisition company merging with Trump Media & Technology Group, as well members of Digital World’s board of directors.

The grand jury in New York’s Southern District is the latest federal investigation that could delay or complicate the merger between the company Trump chairs and Digital World, a special purpose acquisition company. The companies previously indicated they expected the merger to be complete this year, and would provide Trump Media with $1.25 billion in net proceeds, as well a stock market listing.

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