Former President Donald Trump’s media company believes it can attract 10 million paying subscribers to a new streaming service, and that users will be willing to pay a monthly fee that “given President Trump’s enthusiastic base, closer to that from Netflix ”.

But first it has to go through a federal investigation.

According to documents filed on Monday by the Digital World Acquisition Company (the SPAC company that Trump plans to merge with), both companies are facing investigations by the SEC and FINRA.

The FINRA investigation preceded Trump’s announcement of the merger (it’s a “trade review,” according to the company), but the SEC request for documents came last month. The companies say they are cooperating in the investigation.

“At the beginning of November 2021, DWAC received a voluntary information and document request from the SEC, in which, among other things, documents relating to meetings of the DWAC board of directors, guidelines and procedures relating to trade, the …

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