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Trump-Tied SPAC Tumbles After Disclosing Grand Jury Subpoena

  • Digital World Acquisition Corp. drops 10% in Monday trading
  • Firm disclosed it received subpoena from N.Y.-based panel
Donald Trump
Donald TrumpPhotographer: Chris Kleponis/Polaris/Bloomberg
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Digital World Acquisition Corp., the special purpose acquisition company merging with Trump Media & Technology Group, tumbled after disclosing that a federal grand jury in the Southern District of New York issued subpoenas to the company and members of its board of directors. 

The SPAC slumped 10% to $24.92 at 11:45 a.m. in New York to trade at the lowest since the deal was announced last year. Warrants that are tied to the SPAC spiraled 20% to $6.17. They traded as high as $79 in October.