A Legal Setback for Donald Trump
In a significant legal blow to former President Donald Trump, a federal appeals court delivered an unfavorable decision, ruling that Trump is not immune from prosecution for potential crimes committed during his time in office.
The Alleged Crimes and Prosecution
The charges in question stem from Trump’s efforts to overturn the 2020 presidential election and his subsequent loss to President Joe Biden, which ultimately led to the infamous Jan. 6, 2021 Capitol riot, as reported by The New York Times.
The Legal Pursuit by Special Counsel Jack Smith
Jack Smith, a prominent legal figure serving as the Special Counsel for the Department of Justice, has spearheaded two separate cases against Trump. These cases are related to Trump’s handling of classified documents and his actions preceding the events of Jan. 6, 2021.
Smith has brought forth various charges against Trump, including subversion and conspiring to defraud the United States, as per CNN reports.
The Court’s Verdict
In a unanimous ruling, the federal appeals court declared that, as a private citizen, Trump no longer holds executive immunity. Trump’s defense contended that prosecuting him would hinder future presidents from performing their duties.
A spokesman for Trump informed CNN of plans to appeal the ruling, with Trump having until Monday to file an emergency stay request with the Supreme Court.
Market Impact and Presidential Influence
Phunware Inc PHUN and Digital World Acquisition Corp DWAC, two stocks associated with Trump, experienced sharp declines in trading on Tuesday morning, shedding approximately 7% and 9% in value, respectively.
The report also alluded to the potential implications of Trump’s legal battles and their impact on the stock market.
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