A high-ranking executive at the company behind Truth Social has stepped down, and a court has ordered the firm to relinquish a substantial number of shares to one of its investors. According to a recent regulatory disclosure, Andrew Northwall, the Chief Operating Officer of Trump Media & Technology Group Corp., tendered his resignation last month. The company intends to redistribute his responsibilities internally, but no further information about his departure has been provided. Northwall joined the company in December 2021.
In a separate development, a Delaware court has ruled that Trump Media must surrender 785,825 shares to ARC Global Investments II, resolving a long-standing dispute between the two parties. The disagreement centered on the number of shares ARC was entitled to following Trump Media’s merger with Digital World Acquisition Corp. Both parties have the option to appeal the ruling within 30 days.
Trump Media, which operates the Truth Social platform created by former President Donald Trump after his ban from Twitter and Facebook, has been struggling financially. Based in Sarasota, Florida, the company reported a significant loss of $58.2 million last year, accompanied by meager revenue of $4.1 million. The company’s stock, often referred to as a “meme stock” due to its volatility and online popularity, has experienced significant fluctuations in recent months. Trading activity is largely driven by individual investors, who are generally considered less sophisticated than professional traders. The stock reached an all-time low last month, coinciding with the expiration of a lock-up period that had restricted former President Trump, the company’s largest shareholder, from selling his stake in the company.
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