Benzinga - Former President Donald Trump became the first U.S. president in history to be indicted on Thursday. Manhattan District Attorney Alvin Bragg's office said the AG is coordinating Trump's surrender, but the indictment remains under seal for now.
Trump's unprecedented indictment leaves Americans with plenty of questions on Friday about Trump's future, the indictment's impact on the 2024 U.S. elections and the fallout for Digital World Acquisition Corp (NASDAQ: DWAC), a SPAC that is expected to merge with Trump's Truth Social.
Related Link: Trump Targets Hunter Biden On Truth Social After Indictment And Linked Stock Surges — Wait, What?
What Happened? Trump is reportedly facing roughly 30 criminal counts for document fraud stemming from hush money payments he allegedly made to adult film star Stormy Daniels in 2016 when he was the front-runner for the Republican presidential nomination. Falsifying business records is typically classified as a misdemeanor, but falsifying business records with the intent to commit or conceal additional crimes can elevate the charge to a felony, according to legal experts.
What's Next? Once an indicted suspect surrenders to law enforcement officials, they are usually processed privately. Trump's attorney Joe Tacopina told ABC on Friday that Trump "will not be put in handcuffs" for a so-called perp-walk. During processing, the suspect is fingerprinted and a mug shot is taken.
Related Link: Former US President Trump Indicted By New York Grand Jury: Report
After the suspect is processed, the next step in the proceedings is usually an arraignment hearing, which would take place in New York. During the arraignment hearing, a judge will present the charges against Trump and he will have the opportunity to enter a plea. Tacopina has indicated Trump will enter a plea of not guilty.
Trump is the front-runner for the presidential Republican nomination in 2024, according to PredictIt. Trump's chances of securing the nomination have dropped from 49% to 44% in the last 24 hours, while Florida Gov. Ron DeSantis' chances have ticked higher from 36% to 38%.
The indictment news seemingly triggered a relief rally in Digital World shares, which were higher by 6.55% in Friday morning trading. Digital World shares remain down 10.4% year-to-date.
Benzinga's Take: Market action on Wall Street and on the PredictIt markets seems to suggest Trump's indictment will not have much of an impact on his business operations or his political future. Whether you love Trump, hate him or fall anywhere in between, there's no question the indictment of a former U.S. president should be a sad day for all Americans on the world stage.
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