The SPAC backing Trump's new media venture is under investigation by federal regulators
Shannon Stapleton/Reuters
A deal between a SPAC and former President Donald Trump's new media company is being investigated by the US Securities and Exchange Commission and other regulators, according to a report filed to the SEC.
According to the document from Digital World Acquisition, the SPAC that intends to merge with Trump's new media venture, the SEC has requested documents about meetings of SPAC's board of directors, "policies and procedures relating to trading," identification of certain investors, and copies of communication between the Digital World Acquisition and Trump's new organization.
FINRA, a private regulator, is also looking into the partnership, according to the document.
The investigation comes after Trump's digital media company, TRUTH social, and Digital World Acquisition announced that they were raising nearly $1 billion from investors.
An investigation into the media company's proposed deal was first reported by New York Times' David Enrich on Twitter Monday.
This is a developing story. Please check back for updates.