Trump’s new social media company is under investigation

Trump’s new social media company, “Truth Social,” is being investigated by the U.S. Securities and Exchange Commission (SEC), according to a filing submitted on Monday.

The investigation by the SEC and Financial Industry Regulatory Authority (FINRA) is looking for information about Digital World Acquisitions Corp, a special purpose acquisition company (SPAC) that is merging with Trump Media & Technology Group Corp.

Digital World said it received preliminary inquiries from FINRA in early November, soon after the company announced the merger on October 20.

SEC and FINRA want to look into Digital World’s board of directors, trading shares, investors, and details of the merger between the two companies.

“According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security,” said Digital World in a statement.

Trump’s new social media platform intends to compete with Twitter and Facebook. Truth Social plans to start operations next year, ahead of the 2022 midterm election.

"We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced," Trump said in his statement announcing the launch. "Everyone asks me why doesn't someone stand up to Big Tech? Well, we will be soon!"