It appears Trump is making the feds squirm again, this time with his new Truth Social social media app.
The Securities and Exchange Commission (SEC) is now investigating the Truth Social app and the Digital World Acquisitions Corp (DWAC) that is planning to bring the venture public, Fortune reports.
The report reveals that authorities are interested in the communications and due diligence surrounding the targets outside of Trump’s company,
The SEC is attempting to determine if a deal was made or negotiations happened before DWAC went public, if this happened it is illegal.
Trump’s deal with DWAC gives him virtually unlimited power at the company. A previous filing noted that no personal or political conduct could be considered terms of a breach of the agreement, even if it was “dishonest, illegal, immoral, or unethical.”. Trump will also have the power to elect who sits on the board of directors and can potentially block matters that would normally require stockholder approval, including the acquisition of the company.