Regulators are asking questions about the deal to bring Donald Trump's new social media company to the stock market.
NEW YORK — Regulators are looking into the deal that would bring Donald Trump's new social media company to the stock market, one that has attracted both legions of fans of the former president and people looking to make a quick profit.
DWAC said Monday that it is cooperating with "the preliminary, fact-finding inquiries" by the the Securities and Exchange Commission and the Financial Industry Regulatory Authority. Asked how worried he would be about the SEC's investigation if he were on the receiving end, Ritter said, “It depends on what I knew. This could be innocuous or pro-forma stuff, or it could be really serious.”
Seapartely, the Financial Industry Regulatory Authority, or FINRA, asked in late October and early November for a review of trading in DWAC’s stock before the Oct. 20 merger deal was announced. That could be an indication of a search for insider trading, Ritter said, though it's a notoriously difficult thing to prove.
The presentation included forecasts that the company's Truth Social service may have 81 million users by 2026, or nearly 7 million more people than voted for Trump in the last U.S. presidential election.
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