Donald Trump cannot afford to have any negative media regarding Truth Social right now, but another pile just got dumped on him.
Bruce Garelick was clearly agitated after a jury returned a guilty verdict on all charges related to insider trading in the merger between Trump Media & Technology Group and Digital World Acquisition Corp., or DWAC.
Garelick was convicted of tipping off other parties regarding the details of the merger.
Moving That Stock
Trump was not implicated in any way in the scheme, but as we all know, that will matter little to Democrats and the media, who will surely attack Trump on this front.
Especially since Truth Social is now responsible for the majority of Trump’s wealth.
Garelick went to trial alone, as the other co-defendants in the case had already pleaded guilty to raking in over $22 million from the information provided by Garelick.
The charges date back to when Garelick was the chief investment officer of the New York-based venture capital firm Rocket One Capital LLC.
Garelick maintained his innocence throughout the trial, saying that he never shared any inside information regarding the merger.
According to Garelick, the securities he purchased netted him a tidy $50,000 profit, but prosecutors crossed him up.
When Garelick was asked if he had stated, “We made $20 million dollars” after the merger took place, he responded, “I did say those words, yes.”
That was pretty much game, set, and match for Garelick, who will face sentencing later this year.
Michael Shvartsman and his brother, Gerald Shvartsman, have already pleaded guilty, and they are due to be sentenced in July.
Trump’s company is currently trading on the NASDAQ under DJT.
Since going public, the stock has fluctuated widely, quickly hitting a high of $79.38 before bottoming out only days later at $22.55.
Since then, the stock has rallied, sitting at $50.99 as of the writing of this report.
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Author: G. McConway
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