Earlier Reported, "Trump Media Investor Convicted Of Insider Trading, Helped Others Make $22M Before Merger" - NY Post
Portfolio Pulse from Benzinga Newsdesk
Bruce Garelick, an investor in Trump Media, was convicted of insider trading, enabling over $22 million in illegal profits from trading on information about the merger between Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group. Garelick, who sat on DWAC's board, was found guilty in Manhattan federal court. His co-defendants, Michael and Gerald Shvartsman, previously pleaded guilty to insider trading charges related to the same case. The indictment did not implicate Trump or Trump Media & Technology Group.
May 10, 2024 | 12:31 am
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Digital World Acquisition Corp. (DWAC) was directly involved in the insider trading case, with board member Bruce Garelick convicted for illegal trading ahead of its merger announcement with Trump Media & Technology Group.
The conviction of a board member for insider trading directly relates to DWAC's governance and ethical standards, potentially undermining investor confidence and negatively impacting the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100