New York-based grand jury issues subpoenas to Truth Social SPAC board members – TechCrunch

Plans for a Special Purpose Acquisition Company (SPAC) merger for Donald Trump’s media group could have created obstacles with a New York-based federal grand jury sending subpoenas to members of the company’s board of directors.

According to a new SEC filing, these subpoenas have requested documents related to “Digital World’s S-1 filings, communications with or about multiple individuals, and information about Rocket One Capital.”

The SEC had inquired with the acquisition company last December about its expected merger with Trump Media & Technology Group (TMTG), the owner of the Truth Social platform.

Digital World Acquisition Corp (DWAC), the blank check company, said in the filing that these requests “could delay the effectiveness of the registration statement, which could significantly delay, materially impede or prevent the completion of the business combination.”

Truth Social was launched to the general public on the App Store in February, but many people struggled to get on the social network, with waiting lists of up to 100,000 users. In May, the company launched a web app, but an Android version is not yet in sight.

Trump currently has more than 3 million followers on Truth Social – which is much lower than the more than 88 million he had on Twitter when he was banned from the platform last year.

Notably, the former US president has a special deal with Truth Social that prohibits him from posting to other social networks for six hours. So even if Elon Musk lifts Trump’s ban after taking over Twitter, the account will likely repost content from Truth Social after some delay.

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