Chief operating officer of Truth Social's parent company resigns
The chief operating officer of Truth Social’s parent company has resigned and the company must hand over almost 800,000 shares to one of its investors as part of a court ruling, according to a regulatory filing
The chief operating officer of Truth Social's parent company has resigned and the company must hand over almost 800,000 shares to one of its investors as part of a court ruling, according to a regulatory filing.
COO Andrew Northwall resigned from Trump Media & Technology Group Corp. late last month, according to the Securities and Exchange Commission filing, adding that the company plans to “transition his duties internally.” No further details were provided about the resignation. He joined the company in December 2021 according to his LinkedIn page.
The SEC filing also disclosed that a Delaware court ruled last month that 785,825 shares of Trump Media must be released to ARC Global Investments II. Both parties have been feuding over how many shares ARC was owed after Trump Media combined with Digital World Acquisition Corp. The court said that ARC and Trump Media have the option to file an appeal within 30 days after its final order.
Trump Media runs the social media platform Truth Social, which Trump created after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. Based in Sarasota, Florida, the company has been losing money and struggling to raise revenue. It lost nearly $58.2 million last year while generating only $4.1 million in revenue, according to regulatory filings.
Shares of Trump Media have been considered a meme stock by some market experts, which is a nickname given to stocks that get caught up in buzz online and shoot way beyond what traditional analysis says they’re
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