Trump media company subpoenaed in federal criminal probe of SPAC deal

7/1/2022 11:22:00 PM

Politics, Breaking News: Business

Trump media company subpoenaed in federal criminal probe of SPAC deal

Neither TMTG nor a spokeswoman for Trump immediately responded to CNBC's requests for comment.The Justice Department and the SEC, which regulates the stock market, are investigating the deal between DWAC and Trump Media. By merging with DWAC, a so-called special purpose acquisition company, or SPAC, Trump's firm would gain access to potentially billions of dollars on public equities markets.

– CNBC's Kevin Breuninger contributed to this story.

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The Trump firm also received a subpoena from the Securities and Exchange Commission regarding a civil probe on Monday, DWAC said. Neither TMTG nor a spokeswoman for Trump immediately responded to CNBC's requests for comment. BuzzFeed is now trading at just $1. The Justice Department and the SEC, which regulates the stock market, are investigating the deal between DWAC and Trump Media. V, backed by banking entrepreneur Betsy Cohen. By merging with DWAC, a so-called special purpose acquisition company, or SPAC, Trump's firm would gain access to potentially billions of dollars on public equities markets. It’s a startlingly poor return even by the low standards of SPACs, which have recently crashed en masse. – CNBC's Kevin Breuninger contributed to this story. The group says Trump will hold a rally Saturday, July 9, at the Alaska Airlines Center in Anchorage.

This is breaking news. Under pressure to be more profitable, the award-winning BuzzFeed newsroom — it won a 2021 Pulitzer Prize for reporting on mass detention camps in China — is shrinking via layoffs and buyouts.4 billion. Please check back for updates. . BuzzFeed countersued in April, seeking to move the case out of arbitration and into Delaware chancery court.