Trump’s social media deal reportedly leaked months in advance – NYT

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The Truth social network logo is seen on a smartphone in front of a screen of former US President Donald Trump in this illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration

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July 18 (Reuters) – Employees of a Miami investment firm had learned of a pending merger deal between former President Donald Trump’s social media firm and a check-in entity. white, long before it was announced, The New York Times reported on Monday, citing three people familiar with the discussions.

Officials at the company, Rocket One Capital, then discussed ways to capitalize on the soon-to-be-announced deal with Trump Media & Technology Group by investing in SPAC, Digital World Acquisition Corp (DWAC.O), the NYT reported. reported, citing two of the people. (https://nyti.ms/3ILscSe)

Federal prosecutors and regulators are now investigating the merger, including the frantic trading of SPAC warrants, according to the report, citing people familiar with the investigation and public disclosures.

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Trump Media & Technology Group, the creator of social media platform Truth Social, agreed to merge with Digital World on October 20 and the deal was expected to close by the second half of this year.

Digital World shares soared to 350% a day after the deal was made public.

Trump Media and Rocket One Capital did not immediately respond to Reuters requests for comment.

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Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D’Silva

Our standards: The Thomson Reuters Trust Principles.

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