Trump SPAC must be investigated, Elizabeth Warren urges SEC
Democratic Senator Elizabeth Warren wants federal regulators to investigate whether any laws were broken by the shell company that is facilitating former President Donald Trump's return to Wall Street.
In a letter to the Securities and Exchange Commission, Warren cited a report by The New York Times that found Trump began discussing a merger with Digital World Acquisition Corp. long before the blank-check company went public and before such talks were disclosed to investors.
Yet Special Purpose Acquisition Companies, or SPACs, are not supposed to have merger targets planned before they raise money from the public. And Digital World repeatedly told shareholders that it had not held substantive talks with a target company.
"DWAC and Trump Media and Technology Group appear to have brazenly flouted these rules," Warren wrote in the letter, sent Wednesday to SEC Chairman Gary Gensler.
https://www.msn.com/en-us/news/politics/trump-spac-must-be-investigated-elizabeth-warren-urges-sec/ar-AAQRSv2