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Regulators look at SPAC linked to Trump's social media campaign



(Reuters) – The blanco company that announced former US President Donald Trump's social media venture said it had received inquiries from US financial regulators when it revealed details of its activities for the first time before a stock exchange listing.

] Digital World Acquisition Corp. said on Monday that they had received requests for information from the US Securities and Exchange Commission and the Financial Industry Regulatory Authority between late October and early November.

Trump's investment in social media; meetings of the DWAC Board; trade policies and procedures; identification of bank, telephone and e-mail addresses; and certain investors' identities.

FINRA asked for details of events, namely a review of the trade that preceded the public announcement of its merger with Trump Media & Technology Group Corp.

Shares in Digital World Acquisition Corp.

Monday's announcement from DWAC comes after TMTG on Saturday said it had entered into an agreement to raise about $ 1

billion from a group of unidentified investors as they prepare to float on it. US stock market.

Trump Media signed an agreement with Digital World to be published in October at a valuation of $ 875 million, including liabilities. The investment is now valued at almost $ 4 billion based on the price of Digital World shares at the end of trading on Friday. Trump supporters and day traders took up the stock.

Some Wall Street investors are reluctant to associate with Mr. Trump. He was banned from the best social media platforms after the January 6 attack by his supporters in the American capital, with concerns that he would inspire further violence. The Capitol attack was based on unsubstantiated allegations of widespread fraud in last year's presidential election.

DWAC said they expect TMTG to reach 40 million total subscribers by 2026.

Social media platforms Twitter Inc. has over 200 million daily assets users.


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