Another Trump failure  

The blank-check company that planned to merge with former President Donald Trump's struggling Truth Social venture failed to secure enough shareholder support for a one-year extension to complete the deal, according to Reuters.

Trump launched the Trump Media & Technology Group, which owns Truth Social, with plans for a $1.3 billion cash infusion from Digital World Acquisition Corp., a special purpose acquisition company (SPAC). But the deal has been on hold indefinitely as Digital World faces scrutiny by the Securities and Exchange Commission and the Justice Department over whether the company illegally negotiated the deal with Trump before going public.

Digital World asked its investors to approve a one-year extension to complete the merger as a result of the investigations, which the company said in a filing "could materially delay, materially impede, or prevent the consummation of the business combination."

The company needs 65% of its shareholders to extend the deadline for the merger but by Monday "far fewer Digital World shareholders than those required had voted in favor," according to Reuters. Most of the company's shareholders are individual investors and it has been "challenging" getting them to vote through their brokers, Digital World CEO Patrick Orlando said last week, according to the report.