(AmericanProsperity.com) – Former President Trump recently announced plans to create a new social media platform. However, as Trump gets closer to a merger with a special acquisition company (SPAC), The Securities Exchange Commission (SEC) has launched an investigation.
Trump has mentioned the name of his social media platform, which he plans to rival Facebook and Twitter, will be “Truth Social.” The SPAC, Digital World Acquisition Corp. (DWAC), noted that the SEC and the regulator Financial Industry Regulatory Authority (FINRA) are probing them.
Trump wants to compete with Twitter and Facebook with new social media platform.
But the SEC is investigating the SPAC that would make that platform possible. https://t.co/QUm2KBG4GD
— NBC4 Washington (@nbcwashington) December 6, 2021
According to DWAC, the SEC sent them requests for documents about board meetings, details of company communications and Trump’s social media company, stock trading policies, and disclosures of particular investors’ identities. DWAC also reported in its SEC 8-K filing that FINRA requested information related to stock trading not long after the announcement of the merger. The SPAC firm’s 8-K filing also asserted that both the SEC and FINRA didn’t disclose any violations of SEC laws or whether the company had done anything wrong. The company’s filing came just weeks after Senator Elizabeth Warren (D-MA) requested that the SEC look into the merger.
Is there actually wrongdoing by either company in the merger? Or are the SEC and Democrats simply attempting to target Trump as he makes headway on a new project?
~Here’s to Your Prosperity!
Copyright 2021, AmericanProsperity.com
