Trump Media Responds to Probes; Digital World Stock Falls
June 27 2022 - 8:43AM
Dow Jones News
By Will Feuer
Trump Media & Technology Group issued a statement in
response to a disclosure earlier Monday from blank-check company
Digital World Acquisition Corp. that said a federal grand jury in
the Southern District of New York has issued subpoenas to each
member of its board.
Trump Media has said it plans to merge with Digital World and
take its place on the public markets.
"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," the company said. "We encourage--and will cooperate
with--oversight that supports the SEC's important mission of
protecting retail investors."
Shares of Digital World slipped nearly 11% in premarket trading
to $24.89. The stock closed on Friday at $27.82, nearly 46% lower
so far this year.
Digital World previously disclosed that the U.S. Securities and
Exchange Commission had requested information regarding various
matters, including Digital World's due diligence of Trump Media and
relationships among Digital World and other relevant entities.
On Monday, Digital World said it learned of new subpoenas from
the SNDY federal grand jury on June 16.
The subpoenas request some of the same documents that were
previously requested by the SEC. Additionally, the subpoenas seek
certain documents related to Digital World's S-1 filings,
communications with or about multiple individuals, and information
regarding investment firm Rocket One Capital.
Also on Monday, Digital World said Rocket One Chief Strategy
Officer Bruce Garelick resigned from the Digital World board,
effective June 22.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
June 27, 2022 08:28 ET (12:28 GMT)
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