Stock of the special purpose acquisition company that will fund Truth Social, the planned social media platform of former President Donald Trump, fell on Thursday, after it was reported Sen. Elizabeth Warren (D-Mass.) sent a report. Letter To request an investigation by the Securities and Exchange Commission into whether Trump and company committed securities fraud.
Shares of Digital World Acquisition Corp. (DWAC) were trading at $55.60 on Thursday afternoon — down about 5% from Wednesday’s close and about 6.6% from Thursday morning’s intraday high of $59.54, before news of the letter surfaced. I.
DWAC plans to merge with a firm called Trump Media & Technology Group, with the former president serving as chairman of the resulting company.
Warren pointed to the media reports Warren insisted that representatives from DWAC and Trump’s new company—discussing the merger in May—may have violated securities by not disclosing those talks.
Trump Media and Technology Group did not respond to a request for comment. Businesshala,