Trump’s ‘Truth Social’ company merger already under investigation by US financial regulators

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A “blank check” shell company that saw its’ value skyrocket after announcing plans to merge with former president Donald Trump’s planned social media startup is now under investigation by two separate financial regulators.

Mr Trump announced the upcoming launch of the startup — Truth Social — last month as part of a new company called the Trump Media and Technology Group, which he said would merge with another company, Digital World Acquisition Corporation.

Digital World Acquisition Corporation, is a Spac, or Special Purpose Acquisition Company. A Spac generally raises money by listing itself on a stock exchange with the aim of using the funds for a merger with a different and usually more well-known entity.

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