Active federal investigations remain looming over Truth Social, the Trump-branded social media site that eventually emerged after mainstream platforms restricted the ex-president’s access following the deadly riot at the Capitol.
Truth Social, with Trump Media & Technology Group behind it, has been subject to substantial delays before a planned merger with what is called a blank-check company. Already trading publicly, although with fluctuating share prices, that other firm would help the Trump company behind Truth Social access additional business resources. The wide-ranging investigations forcing those delays into existence have been from interests including federal prosecutors and the Securities and Exchange Commission, and reports have indicated millions of dollars in loans ostensibly obtained by the Trump company were included in some of these efforts over concerns of possible money laundering, but that’s disputed by Devin Nunes, the former GOP Congressman who is now CEO at Trump Media. He’s suing over the claims.
Will Wilkerson, who was employed at the Trump corporate operation after helping found and bring the endeavor into existence, has since become a whistleblower covered by federal protections and has reportedly provided U.S. investigators with troves of relevant materials originating in his time on the team. The Washington Post called Wilkerson “a federally protected whistleblower who, his attorneys say, has provided 150,000 emails, contracts and other internal documents to the Securities and Exchange Commission and investigators in Florida and New York.” Concerns around the Trump company’s efforts have been wide-ranging, including whether there were violations of federal rules via interactions between Trump’s company and the blank-check firm, which is also known as a special purpose acquisition company or SPAC and is called Digital World Acquisition Corp., before DWAC actually went public.
There have been no apparent showings of wrongdoing, just to be clear. Yet, the investigations are extensive, and Digital World remains on metaphorical thin ice. The Post’s latest recap of events said the company had revealed it had until June — not far in the future, obviously — to either finalize the deal with Trump’s company or secure another extension before the deadline for action. Under current resource availabilities and agreements, Digital World could otherwise go bust.
