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.
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