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Donald Trump’s plan to launch âTruth Social,â a social media company backed by special acquisitions, early next year may have hit a roadblock after US regulators issued a request to information on the Monday deal.
The SEC and Financial Industry Regulatory Authority’s information request Digital world acquisition company (DWAC), a blank check SPAC set to merge with Trump Media & Technology Group, comes as a powerful Republican congressman Devin Nunes announces he is stepping down from politics to join the Trump media company as CEO.
The twin developments set the stage for a major political battle against Truth Social, a platform that planned to challenge Twitter and Facebook, social platforms that banned or held back the former president for his involvement in the riot. January 6 at the Capitol.
The information request relates to DWAC board meetings, equity trading policies, the identity of certain investors and details of communications between DWAC and Trump’s social media company. It comes three weeks after Democratic Senator Elizabeth Warren asked the SEC to investigate possible breaches of the company’s securities.
Warren cited news articles that said DWAC “May have committed securities violations by holding private and undisclosed discussions on the merger as early as May 2021, while omitting this information in [SEC] filing and other public statements.
But the investigations into the Trump Project appear to predate Warren’s request.
“According to the SEC’s request, the investigation does not mean that the SEC has concluded that someone has broken the law or that the SEC has a negative opinion of DWAC or any person, event or security,” said DWAC in a press release.