Federal authorities arrested two people in Miami on Thursday on charges they illegally profited by trading ahead of the proposed merger of former President Donald J. Trump’s social media company with a cash-rich public shell company in fall 2021, said three people briefed on the matter who were not authorized to speak publicly.

The arrests come after a lengthy investigation by federal prosecutors in Manhattan into trading in the securities of Digital World Acquisition Group, a so-called special purpose acquisition company.

Neither of those arrested are said to have any connection to Mr. Trump or anyone associated with Trump Media & Technology Company, the parent company of his right-leaning social media platform Truth Social, which proposed to merge with Digital World, one of the people said.

This is a developing story. Check back for updates.

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