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Investor in company that took Trump Media public pleads guilty to insider trading

Reuters · 1y

Gerald Shvartsman, an early investor in the company that took Donald Trump's media business public, has pleaded guilty to federal insider trading charges. Shvartsman, along with his brother and the chief investment officer of their venture capital firm, allegedly tipped others about the company's merger talks and illegally profited by $22 million. The company, Digital World Acquisition, later merged with Trump Media and has recently disclosed significant financial losses. Trump Media is also facing legal disputes with co-founders.