June 27, 2022, 8:10 a.m. EDT

Trump Media to cooperate with SEC's probe into SPAC buying TMTG

Trump Media & Technology Group (TMTG), the company behind Donald Trump's Truth Social social media company, issued a statement Monday in response to Digital World Acquisition Corp.'s (NAS:DWAC) disclosure of additional subpoenas related to the special purpose acquisition company's (SPAC) deal to buy TMTG. "We encourage -- and will cooperate with -- oversight that supports the SEC's [Securities and Exchange Commission] important mission of protecting retail investors," TMTG said in a statement. Digital World's stock tumbled 10.4% in premarket trading Monday toward an eight-month low. It has plunged 45.9% year to date through Friday, while the S&P 500 (S&P:SPX) has lost 17.9%.

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