Firm merging with Trump's Truth Social parent company faces grand jury subpoenas

The jury is seeking information about the company's merger with Trump's TMTG

Published: June 27, 2022 4:50pm

Updated: June 27, 2022 6:24pm

Digital World Acquisition Corp, the special purpose acquisition company planning on merging with Trump Media and Technology Group (TMTG), announced Monday that each member of its board of directors received federal grand jury subpoenas. 

The company said that the subponas, along with the federal investigations from the Department of Justice and Securities and Exchange Commission (SEC), could delay or prevent the merger between Digital World and TMTG. 

Digital World board of directors members received the subpoenas from the Southern District of New York jury on June 16. Like the previous SEC subpoena, the grand jury asked for the members to provide "various documents and information regarding, among other things, Digital World’s due diligence regarding TMTG [and] communications regarding and due diligence of potential targets other than TMTG."

The jury also requested information about the company's filings and communications with Rocket One Capital, Digital World stated in the SEC form.

Bruce Garelick, Rocket One Capital's chief strategy officer, according to Reuters, resigned from Digital World's board of directors.

Digital World said last week that it was on track to merge with TMTG, the parent company of Truth Social. This would allow Trump's technology business to be publicly traded.

"TMTG is focused on reclaiming the American people's right to free expression. Every day, our team works tirelessly to sustain Truth Social's rapid growth, onboard new users, and add new features. We encourage-and will cooperate with-oversight that supports the SEC's important mission of protecting retail investors," TMTG said in a press release after the release of the SEC filing.

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