Just one week after Digital World Acquisition Corp. announced that it was under investigation by the SEC and FINRA for possible insider trading, the SPAC got hit with a fraud lawsuit… 😳
Private equity investor Brian Shevland is suing the CEO of the blank check firm partnered with President Trump’s social media site, Truth Social. Shevland claims that Patrick Orlando, the CEO of $DWAC, committed a “brazen act of fraud” by denying Shevland access to thousands of shares and the opportunity to acquire more stock at low rates.
Shevland suggests that he should be able to purchase shares for $0.003 each as a remedy, much lower than the SPAC IPO price of $10 and the current price of $50.03. Whether or not Mr. Shevland will be granted his wish of shares for pennies on the dollar is a mystery. 💭
But we do know one thing. 💡 And that’s the fact that $DWAC is strong as h*ll despite its slew of bad news. $DWAC has drifted 404% higher since Oct 21, the day it announced news of its merger with Trump’s social media platform. Here’s the daily chart:
