US regulators are investigating Digital World Acquisition Company, the blank check company that will merge with your social media startup Donald Trump, to obtain information on negotiations prior to the announcement of the deal, as well as on deals between the two groups.
The Securities and Exchange Commission In November, the SEC requested documents about the special purpose acquisition firm’s board meetings, as well as information on operations policies, investor contact details and communications between digital world And Trump group for media and technology (TMTG), according to a SPAC presentation published yesterday.
As asked Finra, the American regulator of brokerages digital world To share information about operations prior to announcing the merger, as per the bid.
digital world It indicated in the filing that it was cooperating with the regulators and that its requests for information did not indicate that they had determined that any improper behavior had occurred.
a company trump, which includes a social network called social truthThe audio and live broadcasting unit said Saturday that it has raised $1 billion from anonymous investors. Yesterday, the entertainment group Unawakened (Wake Up Way as the Right calls people with left-wing ideology who care about injustice in society and racism) made the former President of the United States a series of bold presentations stating that by 2026 he will generate $3.7 billion in revenue from 81 million users.
This optimistic forecast is based on development by TMTG From a streaming service called TMTG +, which – which trump You think she will compete with her Netflix And Disney PlusServices that have attracted hundreds of millions of subscribers.
According to a presentation on the company’s website, “the American public is looking for entertainment other than getting up.” Pictures of the former president also appear handing a cup to a sumo wrestler and a park with the headline “Stop Wondering, Start Walking.”
trump It expects its streaming service to reach 40 million subscribers by 2026. In contrast, it is estimated that Fox Nation, streaming service launched Fox News Aimed at a conservative audience, it has amassed less than 1.2 million paying subscribers since its launch in 2018.
trump hired scott st john, a former game software producer, to operate the streaming service. St John has produced shows like NBC’s Deal or No Deal, in which contestants choose from a selection of closed wallets to win cash.
trump Launched in October social truthA social media platform without an app or website. The former president is still banned from many big tech platforms, such as Twitter, Facebook and YouTube, after the January 6 attack on the Capitol.
The investigation comes amid a flurry of inquiries about which companies have chosen to go public through SPAC, as US regulators fear they may have bypassed the oversight that applies to traditional initial public offerings.
Lucid MotorsThe group of electric cars that went public in one of SPAC’s largest operations in history received a subpoena from the Securities and Exchange Commission, while the regulator fined Stable Road Acquisition and its sponsor in July. Brian Cabot for its merger with Momentus Inc. , a space infrastructure company, due to misleading descriptions.
Gary GenslerThe head of the Securities and Exchange Commission said that there are “material risks in SPAC transactions, because those who could obtain significant profits from consolidation in the space may have insufficient judgment and mislead investors.”
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