Trump SPAC Deal Marred By Insider Trading Charges Against 3 Investors: Here Are The Details
Portfolio Pulse from Chris Katje
The SPAC merger between Donald Trump’s Trump Media & Technology Group and Digital World Acquisition Corporation (NASDAQ:DWAC) is facing insider trading charges against three individuals linked to the financing of a Trump Media & Technology unit. The individuals, who helped fund Truth Social, a unit of Trump Media & Technology, allegedly made over $22 million through the trading of shares of DWAC. The SPAC merger has been delayed multiple times, with the latest vote date to finalize the merger set for September 2023. DWAC shares are up 0.3% to $12.70, but are down 44% in the last year.
June 29, 2023 | 4:16 pm
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NEGATIVE IMPACT
Insider trading charges related to the SPAC merger between Trump Media & Technology Group and DWAC could further delay the merger and impact investor confidence. DWAC shares are currently up 0.3% but have fallen 44% in the last year.
The insider trading charges against individuals linked to the financing of Trump Media & Technology could further delay the SPAC merger with DWAC and negatively impact investor confidence in the company. This could potentially lead to a decrease in DWAC's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100