Ticker: Trump social media firm subpoened by feds; Chip shortage keeps driving up auto prices

Donald Trump’s social media company and some of its employees received subpoenas from both a federal grand jury and securities regulators, according to a public disclosure, possibly delaying or even killing a deal promising a cash infusion needed to take on Twitter.

Trump Media & Technology Group received subpoenas from a grand jury in New York and the Securities and Exchange Commission, according to a securities document filed by Digital World Acquisition Corp. late last week. Digital World has plans to buy Trump Media, releasing $1.3 billion for its fledging business, but the deal is unlikely to be done during two legal probes.

Trump, who is Trump Media’s chairman, was not among the employees who received subpoenas, according to a Trump Media statement.

Chip shortage keeps driving prices

U.S. new vehicle sales tumbled more than 21% in the second quarter compared with a year ago as the global semiconductor shortage continued to cause production problems for the industry.

Yet demand still outstripped supply from April through June, even with $5 per gallon gasoline, high inflation and rising interest rates. The low supply has raised prices to record levels, knocking many consumers out of the new-vehicle market.

Edmunds.com said that automakers sold 3.49 million vehicles during the quarter, nearly 933,000 fewer than the same period last year.

J.D. Power estimates that the average sales price of a new vehicle for the first six months of the year hit nearly $45,000, a record that is 17.5% higher than a year ago. Edmunds.com reported that 12.7% of consumers who financed a new vehicle in June had monthly payments of $1,000 or more.

 

 

from Boston Herald https://ift.tt/OcikjM5