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Sen. Warren urges SEC to investigate Trump SPAC deal
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Sen. Elizabeth Warren, D-Mass., urged the SEC Thursday to investigate for potential securities violations a planned merger between former President Trump’s media firm and the special-purpose acquisition company that planned to take it public.
In a letter to SEC Chairman Gary Gensler, Warren expressed concern that the SPAC, Digital World Acquisition Corp., "may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021." The deal was formally announced in October.
"The reports about DWAC and Trump Media and Technology Group appear to be a textbook example of a SPAC misleading shareholders and the public about materially important information," Warren said.