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The Trump Investigation You Probably Haven’t Heard About
But as it turns out, there’s a sixth—this one involves both DOJ and the Securities and Exchange Commission (SEC), and it implicates conduct since Trump left office and after he was expelled from Twitter and launched his own social media platform, Truth Social.
The matter involves a so-called “blank check company” called Digital World Acquisition. Blank check companies have no established business plan but gather funds and sell shares to investors with the intention of merging with or acquiring another company in the future. The investors have no idea what they will ultimately be investing in. Under SEC rules, after an initial public offering (IPO), a blank check company’s funds must be deposited in escrow prior to a transaction and held there until shareholders officially approve a merger. As of 2020, a particular form of blank check company known as “special purpose acquisition companies,” or “SPACs,” made up 50 percent of the market for IPOs. This figure represents a huge spike prompted by the SEC’s temporary inability to approve traditional IPOs due to the COVID-19 pandemic. Trump took advantage of it to launch Truth Social.
The Trump Investigation You Probably Haven’t Heard About
Plus: A handy list to sort out the ones you have heard of, including the case expected to result in his arrest this week.
www.thebulwark.com
The thing about spending a lifetime committing crimes without having to face the consequences is you think you're going to get away with it forever.