Chief Operating Officer Of Truth Social’s Parent Company Resigns

According to a regulatory filing, the chief operating officer of Truth Social’s parent company has resigned, and the company is required by a court judgment to hand over nearly 800,000 shares to one of its investors.

COO Andrew Northwall resigned from Trump Media & Technology Group Corp. late last month, according to a Securities and Exchange Commission filing, and the business intends to “transition his duties internally.” There were no further details revealed about the resignation. He began working for the company in December 2021, according to his LinkedIn page.

The SEC filing also stated that a Delaware court determined last month that 785,825 Trump Media shares must be given to ARC Global Investments II. Both parties have been at odds over how many shares ARC was entitled to following Trump Media’s merger with Digital World Acquisition Corp. The court stated that ARC and Trump Media might submit an appeal within 30 days of its final order.

Chief Operating Officer Of Truth Social’s Parent Company Resigns

Trump Media operates the social media site Truth Social, which Trump founded after being barred from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. Based in Sarasota, Florida, the company has been losing money and striving to increase revenue. According to regulatory documents, it lost approximately $58.2 million last year and generated only $4.1 million in revenue.

Some market experts consider Trump Media shares to be a meme stock, which is a term used to describe equities that become popular online and skyrocket in value, much exceeding what traditional analysis suggests. The stock has fluctuated for several months, with trading primarily driven by individual investors, who are often considered less skilled than day traders.

Late last month, Trump Media’s stock plunged to its lowest level ever on the first trading day when its largest shareholder, former President Donald Trump, was allowed to sell his position in the firm behind the Truth Social platform.

Chief Operating Officer Of Truth Social’s Parent Company Resigns

Trump Media’s shares, known as TMTG, began trading publicly in March. When the business debuted on the Nasdaq in March, its shares reached a high of $79.38.

Trump Media & Technology shares gained marginally to $16.20 before the market opened on Friday.

SOURCE | AP