A grand federal jury in New York has issued subpoenas to every board member of the blank check company that has agreed to make public Donald Trump’s social media startup, Social Truth.
Why it’s important: This adds to the previously reported research on the blank check company by both the SEC and the Justice Department, thus intensifying questions about the financial future of Social Truth.
Details: Digital World Acquisition Corp. he disclosed the citations on Monday, adding that part of the information requested was about communications with a Miami-based investment company called Rocket One Capital.
- He also said that Bruce Garelick, director of strategy for Rocket One, will resign from the board of directors of Digital World Acquisition.
In numbers: Trump currently has 3.37 million followers on Social Truth, a far cry from the 88.7 million followers he had on Twitter before being banned in early 2021. It is worth noting, however, that Social Truth continues not to available for Android users.
What they are saying: Trump Media Technology Group, the parent company of Social Truth, issued the following statement this morning:
“TMTG focuses on claiming the right of the American people to free speech. Every day, our team works tirelessly to maintain the rapid growth of Social Truth, incorporate new users and add new features. We encourage and collaborate with the oversight that supports the SEC ‘s important mission to protect retail investors. ”
Conclusion: There have been some attempts to frame these investigations in political terms, but they seem to be more about apolitical values law. That is, blank check companies cannot judge potential targets before their own IPOs, which is speculated with Digital World Acquisition.