Former President Donald Trump’s new social media company may be in jeopardy, as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are investigating a public merger.

Trump announced the launch of TRUTH Social, which was created to “fight back against Big Tech,” and parent company Trump Media & Technology Group, in October. 

“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” he said in a statement. “This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon.”

But the new venture might be in peril as the SEC and FINRA have begun probing a merger with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company, that would allow Trump’s media group to be traded publicly. 

The dueling investigations were revealed on Monday, when DWAC disclosed an 8-K filing with the SEC. The company’s shares tanked more than $6 due to the news, but rebounded after hours. Prior to the deal being announced, DWAC was trading at roughly $10 a share, but catapulted over $90 in the days following. 

“DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating,” the filing stated.

DWAC detailed that FINRA requested information on stock trading prior to the merger announcement, and the SEC sent a voluntary request for communications between both firms, and documents pertaining to stock trading policies, board meetings, and investor identities.

“According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security,” the filing read.

DWAC also noted that FINRA’s request was not an indication of any violations of Nasdaq rules or federal securities laws by the company.