(PatrioticPost.com)- Former President Donald Trump’s new media and tech company is barely off the ground and already it is facing an investigation from the Securities and Exchange Commission (SEC).
According to documents filed on Monday by Digital World Acquisition Company, which is merging with Trump’s TMTG media company, both firms are being investigated by the SEC and the Financial Industry Regulatory Authority (FINRA).
The FINRA investigation predated the merger. Then last month the companies received an information and document request from the SEC. Both companies are cooperating with the investigations.
According to the filing, DWAC received this information and document request from the SEC in early November. The SEC has requested documents related to the board of directors meetings, trading policies and procedures, along with banking, telephone, and email identifications. The SEC is also requesting the identities of certain investors as well as certain documents and communications between DWAC and Trump’s TMTG.
According to the filing, the SEC investigation doesn’t mean that anyone has violated the law “or that the SEC has a negative opinion of DWAC or any person, event, or security.”
DWAC recently announced that it had secured $1 billion in PIPE financing to supplement the capital raised in the IPO. In the filing about the new financing, TMTG released a new investor presentation detailing the company, its structure, and ambitions.
According to the investor presentation, Trump’s TMTG plans to include a Netflix-style subscription streaming service run by game show producer Scott St. John. It will develop news, sports programming, documentaries, and “non-woke” entertainment. TMTG projects that its streaming service could reach up to 40 million subscribers by 2026.
In the meantime, the primary focus of TMTG is a new social media platform similar to Twitter called Truth Social. TMTG projects it can attract 15 million monetizable users with the potential of growing even larger. The company projects 81 million users on Truth Social by 2026.