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Digital World Acquisition Corp., the blank check company that plans to take Donald Trump's social media platform public, said today that each of its directors had received subpoenas from federal prosecutors at the Southern District of New York related to the deal.
The Securities and Exchange Commission on June 13 issued subpoenas requesting documents and information regarding DWA's due diligence regarding Trump Media & Technology Group and other information covering communications related to the merger.
The Justice Dept and SEC subpoenas "could materially delay, materially impede or prevent the consummation of the business combination," according to DWAC's Form 8-K filing.
DWAC also revealed that board member Bruce Garelick, chief strategy officer of Rocket One Capital, resigned effective June 22.
The federal grand jury has requested information from DWAC about its communications with Rocket One, an investment firm based in Miami.
TMTG issued its own statement: "We encourage and will cooperate with oversight that supports the SEC's important mission of protecting retail investors."
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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Jun. 27, 2022, by Joe Honick
One thing at a time, this time Trump's media deal. He is certainly entitled to have such a thing, but the very legitimate question is who is paying the bills and how much. Given his already questionable fiscal status and the methods used to grift dough from little folks that goes confusingly defined, and the fact this outfit is a public deal, plus his insistent political farce, the little and the biggies in the Republican Party would no doubt like to know the answers.