'Two Florida Men Plead Guilty To Insider Trading Charges Related To Taking Trump Media Firm Public' - The Washington Post
Portfolio Pulse from Benzinga Newsdesk
Two Florida men, Michael and Gerald Shvartsman, pleaded guilty to insider trading, making over $22 million from trades related to the public announcement of Trump Media & Technology Group going public via Digital World Acquisition Corp. (DWAC) and Benessere Capital Acquisition Corp. They are set for sentencing in July, with recommended prison time and forfeiture of profits. The case does not implicate Trump or Trump Media & Technology Group.
April 03, 2024 | 5:29 pm
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Digital World Acquisition Corp. (DWAC) was involved in taking Trump Media & Technology Group public, a move central to the insider trading case. The Shvartsman brothers' guilty plea could impact investor perception and DWAC's stock price.
The guilty plea in the insider trading case directly involves DWAC's merger with Trump Media & Technology Group. This negative news could lead to a decrease in investor confidence and potentially impact DWAC's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90