NEW YORK (AP) — The company planning to buy Donald Trump’s new social media business disclosed Monday that it has received subpoenas from a federal grand jury in New York. Shares of Digital World Acquisition Corp. dropped almost 10% Monday as the company reported that the subpoenas and related investigations by the Justice Department and the Securities and Exchange Commission could delay, impede or even prevent its acquisition of the maker of Trump’s Truth Social app. Trump’s social media venture launched in February as he seeks a new digital stage to rally his supporters and fight Big Tech limits on speech, a year after he was banned from Twitter, Facebook and YouTube.
Company buying Trump’s social media app faces subpoenas
