Donald Trump's Truth Social Loses Top Executive
Source: Newsweek
Published Oct 04, 2024 at 12:07 PM EDT Updated Oct 04, 2024 at 2:09 PM EDT
Former President Donald Trump's social media platform, TruthSocial, recently lost one of its top executives. On Friday, The Associated Press (AP) reported that a recent regulatory filing showed chief operating officer of Truth Social's parent company has stepped down and that the company is required to transfer nearly 800,000 shares to an investor following a court ruling.
According to a Securities and Exchange Commission filing, COO Andrew Northwall resigned from Trump Media & Technology Group Corp. last month. The filing noted that the company plans to "transition his duties internally," but no further details were provided about his departure.
A recent SEC filing revealed that a Delaware court ruled last month that 785,825 shares of Trump Media must be released to ARC Global Investments II. The ruling comes after a dispute between the two parties over how many shares ARC was entitled to following Trump Media's merger with Digital World Acquisition Corp. Both ARC and Trump Media have 30 days from the court's final order to file an appeal.
Trump Media, which operates the Truth Social platform launched by the former president after his bans from Twitter and Facebook following the January 6, 2021, Capitol riot, has been facing financial difficulties. Based in Sarasota, Florida, the company has struggled to generate revenue, losing nearly $58.2 million last year while bringing in just $4.1 million, according to regulatory filings.
Read more: https://www.newsweek.com/donald-trump-truth-social-trump-media-resignation-1964020
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