DWAC-Trump Deal Is Under SEC Scrutiny

(RTTNews) - Digital World Acquisition Corp.'s (DWAC) impending acquisition of former US President Donald Trump's media and tech company is under scrutiny by the SEC and FIRA. The former President has been banned from all major social media platforms after the allegations of the insurrection during the January 6th Capitol Hill riot. So, Trump has decided to make his own social media company named TRUTH Social. According to reports, the SEC and Financial Industry Regulatory Authority have enquired about the deal weeks back. The shell company disclosed the investigation at the very end of the 8-K filing and Trump's company has not commented on the matter. In an SEC filing back in September, Trump Media & Technology Group said it has agreed to a merger deal with Digital World Acquisition that will result in Trump Media & Technology Group becoming a publicly listed company. The transaction values Trump Media & Technology Group at an initial enterprise value of $875 million, with a potential additional earnout of $825 million in additional shares. Trump Media & Technology Group's growth plans initially will be funded by DWAC's cash in trust of $293 million. Last week, the SPAC said that it will merge with a media property and the combined entity will raise up to $1 billion.