Digital World Acquisition Corp.
Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile4 entries
2023
Alleged insider trading
Three people were arrested and charged in June 2023 over alleged trading based on advance, nonpublic knowledge of the TMTG merger. The case concerned alleged securities-law violations and did not itself establish guilt.
2023
SEC enforcement settlement
The SEC announced a settlement requiring an $18 million civil penalty and revisions to certain company filings in connection with disclosures surrounding the SPAC and merger process.
2022
SEC, FINRA, and grand-jury investigations
DWAC disclosed regulatory information requests and subpoenas concerning trading, communications with TMTG, the board, and documents related to the proposed combination.
2021
Pre-announcement merger discussions and disclosure scrutiny
Reporting described discussions between Patrick Orlando and Donald Trump before DWAC's IPO and the later merger announcement. The timing raised questions about whether the SPAC had identified or discussed its target before going public, despite prospectus language concerning the absence of substantive target discussions.