3 charged in insider trading case related to taking Trump media firm public, accused of making $22M

NEW YORK (AP) — Three Florida men were charged Thursday with making more than $22 million through illegal insider trading before the public announcement that an acquisition firm was going to take former President Donald Trump’s media company public.

The charges were outlined in an indictment unsealed in New York that did not in any way implicate Trump or Trump Media & Technology Group, which owns his Truth Social platform.

The charges make it less likely that Trump Media will be able to pocket the $1.3 billion promised upon completion of a merger with the acquisition firm. The merger is pending the approval of securities regulators.