Donald Trump’s social media company and some of its employees received subpoenas from both a federal grand jury and securities regulators, according to a public disclosure Friday.
Donald Trump’s social media company and some of its employees received subpoenas from both a federal grand jury and securities regulators, according to a public disclosure Friday, possibly delaying or even killing a deal promising a cash infusion needed to take on Twitter.
Trump, who is Trump Media’s chairman, was not among the employees who received subpoenas, according to a Trump Media statement. Digital World stock closed Friday at $5.78, down 25% in a week. It had been at over $100 last year after the company announced it had a deal to buy the former president’s social media firm.
Digital World is one of a once-popular group of “blank-check” companies that go public as empty corporate entities with no operations, only offering investors the promise they will buy a business in the future. As such, they are allowed to sell stock to the public quickly without the usual regulatory disclosures and delays, but only if they haven’t already lined up possible acquisition targets.
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