The three people made more than $22 million in illegal profits after buying shares in Digital World Acquisition Corp. when they secretly learned about the special-purpose acquisition company’s (SPAC) plan to buy Trump Media & Technology Group, according to the indictment. The stock’s value surged after the Trump deal was announced, according to prosecutors. The Schvartsman brothers also tipped off neighbors and work colleagues about the pending deal, according to the indictment. Trump Media & Technology is the parent company of social media startup Truth Social. More about Digital World Acquisition Group

Source: Wall Street Journal June 29, 2023 16:01 UTC