Trump left the social media company’s board before federal subpoenas and filed shows

The logo of the social network Truth is seen on a smartphone in front of a display of former US President Donald Trump in this image taken on February 21, 2022.

Dado Ruvic | Reuters

Former President Donald Trump has left the board of his social media company just weeks before subpoenas will be issued by the Securities and Exchange Commission and a federal grand jury in Manhattan, records show.

Trump, who had served as chairman of Trump Media and Technology Group, was one of six board members to be removed, according to a report released on April 8. His son Donald Trump Jr. left the board along with Wes Moss, Kashyap Patel, Andrew Northwall and Scott Glabe.

Truth Social, the company’s social media app that aims to be an alternative to Twitter, released a statement on Thursday denying Trump had left the board. A company spokesman did not immediately respond to clarify the filing with the Florida state agency.

The Board of Directors page on Trump Media’s website was blank Thursday afternoon.

The departures were first reported by the Sarasota Herald-Tribune.

The SEC served a subpoena on the company on June 27. Three days later, a federal grand jury in Manhattan issued a subpoena against the company. Grand jury subpoenas typically indicate that a criminal investigation is underway.

The company said last week none of the subpoenas were directed against Trump.

The subpoenas appear to be related to a proposed merger between Trump Media and Technology and Digital World Acquisition Corp. to stand. DWAC announced Friday its connection to a criminal investigation. A week earlier, DWAC said the state investigation could delay or even prevent a merger with Trump’s newly formed company.

The Justice Department and the SEC, which regulates the stock market, are investigating the deal between DWAC and Trump Media. By merging with DWAC, a sort of shell company called Special Purpose Acquisition Company, or SPAC, Trump’s firm would gain access to potentially billions of dollars in the public stock markets.

Early criticism of the deal came from Senator Elizabeth Warren in November. She wrote to SEC Chairman Gary Gensler telling him that DWAC “may have committed securities violations by having private and undisclosed discussions about the merger as early as May 2021 and omitting that information.” [SEC] Filing and other public statements.”

Shares of DWAC are down less than a percent on Thursday but are down more than 50% so far this year.

– CNBC’s Mike Calia contributed to this report.