On Thursday, a Manhattan grand jury found financier Bruce Garelick guilty of insider trading charges in a scheme that involved the merger of former President Donald J. Trump’s social media company with a publicly traded shell company.
Federal prosecutors had charged Garelick with five counts of securities fraud and conspiracy.
Statement of U.S. Attorney Damian Williams on the conviction of Bruce Garelick
Authorities claimed Garelick shared confidential information with his boss and at least one other person that Trump Media & Technology Group, the parent company of Truth Social, was close to announcing a merger with Digital World Acquisition Group, the shell company.
Mr. Garelick, 54, a former hedge fund manager, had been a board member of Digital World.
The information helped two brothers — Michael Shvartsman and Gerald Shvartsman — make nearly $23 million in illegal trading profits by buying Digital World securities in advance of the announcement, which sent the stock soaring. Mr. Garelick, who worked for Michael Shvartsman at a small Miami-based venture capital firm called Rocket One, made about $50,000 by trading off what authorities said was nonpublic information.
Last month, the Shvartsman brothers decided to forgo a trial and pleaded guilty to securities fraud charges. In their plea agreements, prosecutors have recommended a sentence of roughly four to five years for Michael Shvartsman; and three to four years for his younger brother.
Digital World raised about $300 million from investors in its initial public offering in September 2021. A little over a month later, the SPAC announced a deal to merge with Trump Media. After a long delay, the merger was completed in March and Trump Media became a publicly traded company. Mr. Trump’s nearly 70 percent stake in the firm is worth about $6 billion.
In a closing argument, Daniel Nessim, a federal prosecutor, described Mr. Garelick as a “sophisticated professional” who “cheated” and used inside information to benefit himself and his boss, Michael Shvartsman.
Garelick could face at least 25 years in prison.
This is a breaking news story. Please check back for updates.
On Monday, former President Donald Trump moved to overturn his criminal conviction in the Manhattan hush-money case after the Supreme Court ruled presidents have immunity for “official acts” committed while in office.
Manhattan District Attorney Alvin Bragg charged the former president in May with 34 counts of falsifying business records in the first degree. Trump pleaded not guilty to all counts in the Manhattan case.
Lawyers for Trump had filed a motion to dismiss the verdict hours after the Supreme Court’s ruling.
Duncan Lock, Dflock, CC BY-SA 3.0 via Wikimedia Commons
The motion came on the same day that the district attorney’s office sent sentencing recommendations to Judge Juan M. Merchan – who presided over the Manhattan trial – though it remains unclear whether that will be seen by the public, per reporting from The New York Times. Judge Merchan has received a letter from Trump’s lawyers, a person familiar with the matter confirmed to Fox News Digital.
The letter asks for permission to file a motion to vacate the jury’s Manhattan verdict, asks for a delay of the July 11 sentencing, and cites the high court’s decision in arguing that evidence was included at trial that should not have been admitted.
To file a motion in New York, defendants must first request permission from the judge in the case.
🚨 #BREAKING: President Trump’s July 11 sentencing likely to be DELAYED, as the Manhattan DA’s office declines to push back on Trump’s requests to throw the case out.
On Tuesday, Manhattan prosecutors agreed with Donald J. Trump’s request to postpone his criminal sentencing so that the judge overseeing the case could weigh whether a recent U.S. Supreme Court ruling might impact his conviction, according to The New York Times.
On Monday, the Supreme Court ruled 6-3 that a former president has absolute immunity for his core constitutional powers.
Former presidents are also entitled to at least a presumption of immunity for their official acts. There is no immunity, the court holds, for unofficial acts.
The Supreme Court returned the case to the trial court to determine what is left of special counsel Jack Smith’s indictment against the former President.
Former President Donald Trump’s official X account is back…for now.
The first ad, posted at 2:54 am, included a voiceover from Ronald Reagan and was captioned, “Are you better off now than you were when I was president? Our economy is shattered. Our border has been erased. We’re a nation in decline. Make the American Dream AFFORDABLE again. Make America SAFE again. Make America GREAT Again!”
Are you better off now than you were when I was president?
Our economy is shattered. Our border has been erased. We're a nation in decline.
Make the American Dream AFFORDABLE again. Make America SAFE again. Make America GREAT Again! #TrumpOnX
Another ad was published at 3:00 am and read, “They want to silence me because I will never let them silence you. They’re not coming after me, they’re coming after you. I just happen to be standing in their way and I’m never moving. We will Make America Great Again!”
Are you better off now than you were when I was president?
Our economy is shattered. Our border has been erased. We're a nation in decline.
Make the American Dream AFFORDABLE again. Make America SAFE again. Make America GREAT Again! #TrumpOnX
Musk and Trump will talk live on X at 8 pm ET and Musk has already addressed the technical issues that have plagued past events – including the glitchy of Florida Gov. Ron DeSantis’s (R) presidential campaign last spring.
“Am going to do some system scaling tests tonight & tomorrow in advance of the conversation,” Musk wrote on X ahead of the event.
Trump had been banned from Twitter, which Musk bought for a staggering $44 billion and renamed X, after the January 6th attack on the U.S. Capitol.
Trump has only posted once since Musk restored his Twitter account, @realDonaldTrump, as the former president reserves his social media usage for Truth Social, which he owns. In August of 2023, Trump post his Fulton Country jail mugshot with a link soliciting donations.
Senate Minority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) sent a letter to the Securities and Exchange Commission (SEC) this week asking for an investigation into President Donald Trump’s social media posts urging stock market purchases ahead of his tariff pause announcement
“We ask the SEC to determine whether President Trump, any members of his cabinet, or other donors, insiders, and administration officials engaged in insider trading, market manipulation or other securities laws violations on April 9, 2025, when President Trump announced that it was a ‘GREAT TIME TO BUY’ into the stock market,” the senators wrote in a scathing letter.
Sens. Adam Schiff (D-CA), Ron Wyden (D-OR), Mark Kelly (D-AZ), and Ruben Gallego (D-AZ) also signed the letter, which slammed Trump for urging his social media followers to buy stocks “just hours before he announced a 90-day pause on his recently announced tariffs, leading to a historic market rally after days of dramatic market declines.”
“THIS IS A GREAT TIME TO BUY!!!” Trump wrote on Truth Social at 9:37 am just ahead of his announcement that he would pause additional tariff increases on 75 countries for 90 days while slapping even higher levies on China.
The letter was addressed to SEC Commissioner Paul Atkins, a Trump appointee, who was confirmed by the Senate on Thursday.
“It is unclear which officials and affiliates for President Trump had advance knowledge of his plans to delay tariffs — but insiders may have known that he was going to announce a tariff pause and that the market would improve,” argued the Senators.
The family of late soul singer Isaac Hayes is suing former President Donald Trump for using the icon’s music at his rallies, Isaac Hayes III announced last week.
The filing accused the former president and the Republican Nation Committee of “willfully and brazenly” engaging in 134 counts of copyright infringement.
We the family of @isaachayes Isaac Hayes Enterprises, represented by Walker & Associates, are suing @realDonaldTrump and his campaign for 134 counts copyright infringement for the unauthorized use of the song “Hold On I’m Coming” at campaign rallies from 2022-2024.
A letter to Trump and his campaign from the Georgia-based law firm Walker & Associates reads:
Our firm has been retained by the family and Isaac Hayes Enterprises, who own the copyright to the musical composition and recording “Hold On (I’m Coming)” (the “Song”). It has come to our attention that you or the campaign have authorized the illegal public performance of the Song on multiple occasions during various rallies for your political campaign without authorization from the copyright holder, despite being asked repeatedly not to engage in such illegal use by our client.
Upon information and belief, you, your campaign, and/or the RNC and other parties have willfully and brazenly engaged in copyright infringement in violation of several provisions of Title 17 U.S.C., including § 501, of the Copyright Act of 1976, as amended, over one hundred times. We have attached for your convenience a non-exhaustive list attached hereto as Exhibit A. As we prepared this letter, there was an additional use in Montana just two nights ago, even with your office apparently aware that you had no permission. We and the family hereby demand that you cease the continual infringement of our copyright and stop all unauthorized use of the Song.
The suit further demands Trump pay $3 million, stop using the song, and to remove any campaign multimedia of the song being played at rallies. Hayes’ estate also demanded Trump issue a statement acknowledging he played the song without permission.
The Minneapolis warehouse is approximately 125,000 square feet and has been leased to Lindell since December 2015. The lease agreement between Lindell and the landlord, First Industrial LP, has been amended twice. It lasts 10 years, seven months and 20 days, and the monthly rent was $57,794.12, according to the eviction complaint.
According to the complaint, dated March 7, Lindell did not make rent payments for February and March 2024. Since it is not the first time MyPillow failed to pay its rent on more than two occasions in the previous 12-month period, per the lease agreement, the landlord is entitled to retake possession of the premises.
As of Wednesday, Lindell did not answer the eviction complaint or appear at the scheduled hearing, forcing the judge to order the eviction. He confirmed to the AP that MyPillow owes around $217,000 to the Delaware-based company for the rent.
Lindell said the company no longer needed the space and removed its property from the warehouse last June before subleasing it to another company through December. The company backed out in January and “left us all stranded.” MyPillow offered to find another tenant, but the landlord wanted to take the warehouse back, he told the newswire.
MyPillow CEO Mike Lindell faces multiple defamation lawsuits from two voting machine companies, after he spread lies that the 2020 presidential election was fraudulent and stolen from former President Trump. In February, a federal judge ruled he must pay $5 million in an election data dispute case.
Former Watergate prosecutor Nick Ackerman said former President Trump is “toast” in his New York civil fraud case.
New York Attorney General Letitia James’ case accuses Trump, his two adult sons, the Trump Organization, and top executives of falsely inflating the values of Trump’s real estate properties and other assets in order to get tax benefits and better loan terms.
James seeks around $250 million in damages, and she wants to bar Trump and his co-defendants from running another business in New York.
According to The Hill, Ackerman argued people are not only focused on the former president’s testimony but also his deposition with James’s lawyers last summer, where he invoked the Fifth Amendment more than 400 times.
“Now what does it mean to take the Fifth Amendment? It means that you are refusing to answer a question, because a truthful answer would tend to be incriminating,” Ackerman said. “Then what did Donald Trump do last week? He went into court and said, ‘Oh, I didn’t do anything fraudulent, I wasn’t involved in a fraud.’ Which is just the opposite what in effect he was saying when he took the Fifth Amendment in his deposition.”
“So you’ve got contradictory testimony,” Ackerman continued. “You can use his assertion of the Fifth Amendment against him to basically find that he’s lying, that he’s manipulating the system when he goes in, refuses to answer questions, answers the questions in a half-baked manner.”
Earlier this week when Trump took the stand he fiercely defended his business practices and condemned those involved in the case as politically motivated “Trump haters.”
“I just don’t see how this judge at the end of the day is not going to find that, with respect to Donald Trump … ‘Liar, liar, pants on fire,’” Ackerman said.
Ackerman said that in his more than 40 years of civil law experience, he has never seen anyone “do such a stupid move as to suddenly start testifying” after they’ve taken the Fifth Amendment.
Ark Invest CEO Cathie Wood said she would vote for former President Trump over President Biden in the November presidential election.
Wood took part in an interview with ‘Meet Kevin’ financial analyst and YouTuber Kevin Paffrath, during which she was asked the popular question, “Trump or Biden?”
Wood told the host she has three children with whom she has discussed the upcoming election and its consequences.
“As I’ve said to them, ‘Look, I am going to vote for the person who’s going to do the best job for our economy,’” Wood told Paffrath. “I am a voter when it comes to economics, and on that basis, Trump.”
She further explained that Laffer Associates founder and chairman Art Laffer “describes the first three years of the Trump presidency as the best in U.S. economic history, not the last one because of COVID, and I would agree.”
Watch:
🔥🔥Cathie Wood Ark investor and one of the most influential people in the business world just publicly announced that she'll be voting for Trump and that he had the best economy in history.
Dont vote based off personal feelings. Vote based off personal experience.
Mr. Mellon is now the first donor to give $100 million in disclosed federal contributions in this year’s election. He was already the single largest contributor to super PACs supporting both Mr. Trump and Robert F. Kennedy Jr., who is running as an independent. Mr. Mellon has previously given $25 million to both.
Billionaire Stephen Schwarzman, the CEO and co-founder of Blackstone, announced last month he will back Trump in the 2024 race after he previously called for the Republican Party to turn to a “new generation of leaders.”
The public shell corporation that has been preparing to merge with former President Donald Trump’s technology firm—the parent company of his social media platform, Truth Social—announced Thursday that it was dropping its plans to pursue the merger through a specialized process called a private investment in public equity (PIPE) transaction. The company also said it planned to return $533 million it had raised from investors to complete the deal. The merger between Digital World Acquisition Corp. (DWAC), a special purpose acquisition company, and Trump Media & Technology Group failed to materialize by a September 2022 deadline set by U.S. regulators, giving DWAC the option to back out of the deal. A TMTG spokesperson claimed in a release Thursday that the two companies still planned to merge and said the development was, in fact, a positive step—but declined to comment when pressed by Reuters to say how backing out of the PIPE deal would benefit either party.
This is a breaking news story. Click refresh for the latest updates.
Former President of the United States Donald Trump speaking with attendees at the 2022 Student Action Summit at the Tampa Convention Center in Tampa, Florida. [Photo Credit: Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons]
On a bustling Thursday night in San Francisco, former President Donald Trump marked another impressive milestone in his 2024 presidential campaign. The presumptive Republican nominee and front-runner, according to the polls, celebrated a monumental $12 million fundraising haul. The fundraising event, hosted by prominent Silicon Valley figures, David Sacks and Chamath Palihapitiya, highlighted the undeniable shift in the tech industry, an arena traditionally dominated by liberal ideologies.
“These are brilliant guys – AI guys – these are the guys that are doing all the things you read about,” Trump gushed to Fox News Digital. These are just a brilliant group of people. And they can’t relate to Biden because he is a stupid person – and I have a high IQ.”
Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons
“They don’t like dealing with an IQ that’s like, you know, 1/3 of theirs, because it is a difficult thing when someone has an IQ of 180, it is difficult to deal with a man with an IQ of 70 – or maybe lower,” Trump added, attempting to goad the current president.
Sacks endorsed Trump hours before the high-dollar fundraiser at his multimillion-dollar home, located near the residence of Nancy and Paul Pelosi, symbolizing the growing willingness of certain tech industry leaders to publicly support Trump, a stance that previously rendered individuals persona non grata in Silicon Valley. (RELATED: San Francisco Sued Over Gender Scheme Targeting Minority Men)
Known for his business acumen and successful investments, including his status as an angel investor for Facebook, Uber, SpaceX, and Airbnb, Sachs’ support signals a broader acceptance of Trump’s candidacy within a traditionally GOP skeptical community.
Trump told Fox News Digital that Sacks’ “strong” endorsement “is a great testament to what I’ve accomplished.”
“David Sacks — the king of that world — David Sacks and the group that we were with are the most respected people in San Francisco from both a business and high tech standpoint,” Trump told Fox News Digital. “They love our country and they understand what’s happening into the future with technology better than any group, anywhere in the world.”
“One of the primary reasons for the endorsement was the four years that we had in office, which was the best four years ever for high tech, which will play an increasingly important role in the future of our country, especially as it relates to AI and all of the other new and brilliant technologies coming right at this moment,” Trump said. “It is a very exciting time and it is a great honor to have the most brilliant minds supporting, by far, the most brilliant leader.”
Why I’m Backing President Trump
As many press accounts have reported, I’m hosting a fundraising event for President Donald J. Trump at my home in San Francisco this evening.
Over the last couple of years, I have hosted events for presidential candidates Ron DeSantis, Vivek…
“My reasons rest on four main issues that I think are vital to American prosperity, security and stability — issues where the Biden administration has veered badly off course and where I believe President Trump can lead us back,” Sacks said Thursday.
Other guests at Sacks’ Pacific Heights fundraiser included the Winklevoss twins, who successfully sued Facebook CEO Mark Zuckerberg for allegedly stealing their idea, which later became Facebook.
JD Lasica from Pleasanton, CA, US, CC BY 2.0 , via Wikimedia Commons
“He wasn’t the guy I see on TV,” one source told the New York Post. “He was very thoughtful and self-deprecating.” More than 100 guest attended the San Francisco soirée, paying as much as $300,000 a head.
Historically, Silicon Valley has been a bastion of liberal politics, with many tech leaders supporting Democratic candidates and policies. This alignment was driven by shared values around social issues and environmental sustainability. (RELATED: Google Shuts Down Its AI Chatbot ‘Gemini’ For Being Woke And Racist)
However, the dynamics may be changing. The industry’s rapid growth has brought increased scrutiny and regulatory pressures from Democratic lawmakers. Concerns over antitrust actions, data privacy regulations and labor practices have strained relationships between tech giants and the Democratic Party.
In contrast, Trump’s deregulatory stance, pro-business policies and tax reforms align with the interests of a growing number of Silicon Valley insiders.
