The so-called “blank check” company behind former president Donald Trump’s Truth Social platform now appears to be the subject of an investigation by federal prosecutors who are looking into whether the company or its executives violated federal securities laws.
Shares of the Special Purpose Acquisition Company, known as Digital World Acquisition Corporation, fell nine per cent in early trading on Monday after CEO Patrick Orlando filed a statement with the Securities and Exchange Commission to report that the company, which is pursuing a merger with the former president’s Trump Media and Technology Group, was issued a subpoena by a federal grand jury in the Southern District of New York.
