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Four months ago, alternative tech platform Truth Social’s parent company Trump Media & Technology Group (TMTG) filed for a merger approval with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company. According to Breitbart News, TMTG is considering taking legal action against the Securities and Exchange Commission (SEC) over delays of approval of the merger.
In its statement to Breitbart News, TMTG alleges that the delay is a result of political bias in the SEC.
“The SEC has stalled its review of our planned merger with DWAC, having failed to act despite DWAC having filed its registration statement more than four months ago,” TMTG said in the statement. “This inexcusable obstruction, which directly contradicts the SEC’s stated mission, is damaging investors and many others who are simply following the rules and trying to expand a successful business. In light of the obvious conflicts of interest among SEC officials and clear indications of political bias, TMTG is now exploring legal action against the SEC. Despite the increasing weaponization and politicization of government agencies, Truth Social will continue its expansion plans, supported by the unprecedented levels of user engagement on the platform.”
The delay risks denying Truth Social additional financing, to the tune of $1 billion, that DWAC investors had committed. Truth Social receiving the funding was dependent on the approval of the merger by Tuesday, a deadline that will clearly be missed because of the delay.
The SEC has not explained its reasons for the delay to the public. However, media reports have claimed that the agency and the Department of Justice are investigating the merger.