High-Profile Insider Trading Trial Tied To Trump Media & Technology Group Kicks Off In New York
Portfolio Pulse from Benzinga Neuro
The insider trading trial related to Trump Media & Technology Group Corp (NASDAQ:DJT) and its merger with Digital World Acquisition Corp. (DWAC) began in New York. Bruce Garelick is accused of trading DWAC stock based on non-public information about the merger with Trump Media. The Shvartsman brothers admitted to a $22 million insider trading scheme linked to the merger. DJT's stock saw a 6.94% increase to close at $49.93.
May 01, 2024 | 2:07 pm
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Trump Media & Technology Group Corp (DJT) is at the center of a high-profile insider trading trial, with its stock closing up 6.94% amid the legal proceedings.
The trial brings significant public and media attention to DJT, potentially influencing investor sentiment positively in the short term due to the stock's price increase on the day of the news. However, the outcome of the trial could have longer-term implications.
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IMPORTANCE 90
RELEVANCE 100