a federal grand jury in new york issued subpoenas for members of the board of directors at digital world acquisition corp dwac the special purpose acquisition company with plans to take former president donald trump’s social media site truth social public months after the securities and exchange commission began investigating the blank check company over its planned merger with trump’s social media platform shares of dwac fell more than 9 in premarket trading after the company disclosed in an sec filing that a federal grand jury in the southern district of new york issued the subpoenas the news comes after the sec launched a probe in december over claims the blank check company held conversations with trump media and technology group tmtg before going public last year the subpoenas seek some of the same documents the sec asked for in its investigation as well as requests related to communications with several individuals and information regarding venture capital and private equity company rocket one capital the document also noted bruce garelick chief strategy officer at rocket one capital has resigned from dwac’s board tmtg said in a statement it will “cooperate” with oversight that “supports the sec’s important mission of protecting retail investors” trump announced plans to merge with dwac to launch his own social media site to rival “liberal” platforms last october he did so after he was banned from major platforms—including twitter and facebook—following the january 6 insurrection dwac traded as high as 175 per share after the initial merger announcement but shares fell after the sec began an investigation into the blank check company in december the investigation came after multiple outlets reported trump had met with dwac chief executive patrick orlando before the company went public the meeting could have broken sec rules that prohibit spacs from identifying a target company before raising money the subpoenas come after dwac disclosed earlier this month the sec was expanding its probe seeking communications “regarding and due diligence of potential targets other than tmtg” since its launch in march truth social’s rollout has been plagued by resignations from top executives and technological glitches trump began posting regularly on the site at the end of april shares of dwac also fell in april after reports emerged tesla ceo and billionaire elon musk had been approved by twitter’s board of directors to acquire the company for 44 billion trump has proposed truth social as a free speech alternative to social media sites like twitter but musk has also criticized twitter’s moderation practices and has indicated he intends to make changes if his deal goes through trump’s truth social spac down more than 9 following reports twitter is nearing a deal with musk forbes