Reported July 04, 2023 'Truth Social's Merger Partner Reaches $18M Settlement With SEC' - Independent
Portfolio Pulse from Happy Mohamed
Digital World Acquisition Corp (DWAC), the financial firm linked to Donald Trump’s Truth Social platform, has reached an $18m settlement with the Securities and Exchange Commission (SEC) to end the investigation into its merger with the company. The settlement allows DWAC to proceed with the merger, turning Truth Social into a public company. This news follows the indictment of three individuals involved in the merger for insider trading.
July 05, 2023 | 1:02 pm
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NEUTRAL IMPACT
The $18m settlement with the SEC removes the uncertainty surrounding DWAC's merger with Truth Social. However, the recent insider trading indictment involving the merger could negatively impact investor sentiment.
The settlement with the SEC is a positive development for DWAC as it removes a significant hurdle for the merger with Truth Social. However, the insider trading indictment could negatively impact investor sentiment towards DWAC in the short term, as it raises concerns about the company's corporate governance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100