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☆ Trump Media director accused of 'hacking' files in attempted corporate 'coup': lawsuit
▼ + stars: | 2024-04-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant.

Persons: Donald Trump, Stefani Reynolds, Donald Trump's, Eric Swider, Patrick Orlando, Swider, Orlando, Alexander Cano, DWAC's, he's, Cano, Orlando's, Brendan Mcdermid Organizations: AFP, Getty Images Investment, Benessere Investment Group, ARC Global Investments, Digital, Swider, Trump Media & Technology Group Corp, Nasdaq, Trump, DWAC, Securities and Exchange Commission, Trump Media, Wired, Orlando, collude, ARC II, ARC, Benessere, Truth Social, Trump Media & Technology Group Locations: Washington ,, South Florida, Orlando, Florida, Delaware Chancery, New York City, U.S

☆ Trump Media payday: What Truth Social executives got paid in stock and compensation
▼ + stars: | 2024-04-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +12 min

Those thresholds for the share price are well below where Trump Media stock was trading on Monday, when it closed at $37.17, down more than 8%. The filing disclosed that Trump Media awarded company stock to Nunes, chief financial officer Phillip Juhan, and chief operating officer Andrew Northwall. The three top executives, like Trump himself, are currently barred from selling any of their common stock in Trump Media for the next six months. CNBC asked a spokeswoman for Trump Media why promissory notes were used to grant stock to the executives. Legal battlesBesides Trump, the biggest shareholders in Trump Media are two corporate entities.

Persons: Dado Ruvic, Donald Trump, Devin Nunes, Trump, Kevin Murphy, Murphy, Nunes, Phillip Juhan, Andrew Northwall, Juhan, Northwall, DWAC, we've, Tom Williams, Kash Patel, Patel, Dan Scavino, Scavino, Department of Defense Kash Patel, Justin Sullivan, Sandro De Moraes, Vladimir Novachki, Scott Glabe, Novachki, Glabe, De Moraes, Eric Swider, beneficially, Renatus, Swider, Andy Litinsky, Wes Moss, Moss, Patrick Orlando, Mike Pont Organizations: Trump Media, Trump . Trump Media, Nasdaq, Corp, Trump, University of Southern, Securities and Exchange Commission, DWAC, SEC, CNBC, Partners, Northwall, Juhan, Trump Media's, U.S, Capitol, CQ, Inc, Getty, Equity, Messrs, Republican, Hudson Digital, Trump White House, Staff, Department of Defense, Digital, Renatus, ARC Global, United Atlantic Ventures, Twitter, Facebook, NBC, FilmMagic Locations: Juhan, California, Minden, Minden , Nevada, Orlando, New York City

☆ Trump Media is suing its cofounders, alleging they failed 'spectacularly' and did 'significant damage' to the business
▼ + stars: | 2024-04-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Trump's media company is suing its cofounders, alleging they failed the business before its SPAC deal. AdvertisementTrump Media is suing its cofounders, alleging they failed the company and did "significant damage" to its business, according to documents filed in a Florida civil court. Moss and Litinsky had the potential to "profit handsomely" if Trump Media completed its merger deal. The filing says: "Moss and Litinsky failed spectacularly at every turn. Trump Media did not immediately respond to a request for comment.

Persons: Wesley Moss, Andrew Litinsky, Moss, —, Trump, Patrick Orlando, Litinsky Organizations: TMTG, Service, Trump Media, Corp, United Atlantic Ventures, Orlando's, Trump, DWAC, Company Locations: Florida

☆ Trump Media sues its co-founders, accuses them of 'severe mismanagement'
▼ + stars: | 2024-04-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing "spectacularly" to get the company off the ground and then trying to "thwart the deal." In February, Moss and Litinsky sued Trump Media in Delaware Chancery Court over their stake in the company. They made "wasteful decisions" that caused "significant damage" to Trump Media and a decline in DWAC's stock price, the company claims. Trump Media calls the claim that UAV is owed stock "baseless," and says the services agreement Trump signed with UAV in 2021 is no longer valid. Lawyers for Trump Media did not immediately respond to CNBC's request for comment on the lawsuit.

Persons: Donald Trump, Wesley Moss, Andrew Litinsky, Trump, Moss, Litinsky, Patrick Orlando, Eric Trump Organizations: Trump Media & Technology Group, United Atlantic Ventures, Trump, Trump Media, Corp, Nasdaq, Orlando's, Securities and Exchange Commission, Bloomberg, Lawyers Locations: Sarasota County , Florida, Delaware Chancery, Florida

☆ Digital World extends deadline for merger with Donald Trump's media company
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally in Windham, New Hampshire, U.S., August 8, 2023. REUTERS/Reba SaldanhaAug 9 (Reuters) - Digital World Acquisition (DWAC.O) and former U.S. President Donald Trump's media company on Wednesday extended the deadline for their merger by over three months to Dec. 31, as they work to close the deal that has been delayed by regulatory scrutiny. The move comes weeks after blank-check firm DWAC settled fraud charges with the U.S. securities regulator, clearing some of the uncertainty over its merger with Trump Media & Technology Group (TMTG) - the parent company of the Truth Social app. The firm, which originally struck a deal to merge with TMTG in October 2021, had in June extended the deadline to Sept. 8. The company in July named Eric Swider as its new CEO after ousting Patrick Orlando in March.

Persons: Donald Trump, Reba Saldanha, Donald Trump's, DWAC, Eric Swider, Patrick Orlando, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, REUTERS, Trump Media & Technology, TMTG, U.S . Securities, Exchange Commission, Thomson Locations: Windham , New Hampshire, U.S, Bengaluru

☆ Trump Media merger partner DWAC settles with SEC over fraud charges
▼ + stars: | 2023-07-20 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, July 7, 2023. WASHINGTON — The Securities and Exchange Commission announced Thursday that it had settled fraud charges with Digital World Acquisition Corp ., the company that is seeking to take former President Donald Trump's social media venture public. As part of the settlement, DWAC was ordered to pay an $18 million civil penalty fee in the event that it executes a final merger and takes Trump Media and Technology Group public. Shares of DWAC rose 30% in extended trading following the SEC announcement. The fraud charges stem in part from what the SEC says were DWAC's "extensive SPAC merger discussions" with Trump's media company several months before filing paperwork to go public in Sept. 2021.

Persons: Donald Trump, Donald Trump's, DWAC, Patrick Orlando, Trump Organizations: U.S, Republican, WASHINGTON — The Securities, Exchange Commission, Trump Media, Technology Group, SEC, White House Locations: Bluffs , Iowa, Florida, DWAC, New York, Georgia

☆ Trump-tied SPAC Digital World names Swider as permanent CEO
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Digital World Acquisition (DWAC.O) has named Eric Swider as CEO, handing the interim boss reins of the blank-check company that is looking to complete its planned merger with former U.S. President Donald Trump's media and tech company. The move comes nearly four months after the special-purpose acquisition company (SPAC) ousted CEO Patrick Orlando, saying that a new management team was needed to tackle "unprecedented headwinds". Swider said on Monday the company's focus will continue to be on completing the merger with TMTG, as it is the "best option for shareholders". DWAC shares were up around 1% in premarket trading. Reporting by Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Eric Swider, Donald Trump's, Patrick Orlando, DWAC, Swider, Jaspreet Singh, Maju Samuel Organizations: U.S, Trump Media & Technology, Justice Department, Securities and Exchange Commission, TMTG, Thomson Locations: Bengaluru

☆ Trump-backed SPAC Digital World names new CFO
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, on Thursday named Katherine Chiles as its chief financial officer. The development comes after Digital World in March ousted Chief Executive Patrick Orlando, saying that due to "unprecedented headwinds faced by the company" the board had agreed to select a new management team. The company also named Alexander Cano as president and secretary on March 11, according to a filing on Thursday. In October 2021, Trump's newly formed media company, Trump Media & Technology Group, announced a deal to go public by merging with Digital World. Late last year Digital World's Chief Financial Officer Luiz Braganza left the company.

☆ Trump-backed SPAC Digital World regains compliance with Nasdaq listing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it had been cleared by the Nasdaq over non-payment of certain dues. Earlier this month, Digital World revealed that it had received a notice from the exchange over non-payment of some dues which could lead to a potential de-listing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations. The deal was inked in October 2021 and late last year shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Trump-backed blank-check firm Digital World ousts CEO
▼ + stars: | 2023-03-22 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, said on Wednesday it had ousted Chief Executive Patrick Orlando. In October 2021, Trump’s newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. TMTG’s fortunes are inextricably tied to Trump, who is billed by the company as the chief traffic driver. He posted to Alphabet Inc's (GOOGL.O) YouTube and Meta Platforms Inc's (META.O) Facebook on March 17, the same day YouTube restored his channel. Trump’s Twitter account was reinstated in November by the platform's new owner Elon Musk, but Trump has yet to post there.

☆ Trump-linked Digital World Acquisition Corp fires CEO Patrick Orlando
▼ + stars: | 2023-03-22 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Former US president Donald Trump announced plans on October 20 to launch his own social networking platform called "TRUTH Social," which is expected to begin its beta launch for "invited guests" next month. Digital World Acquisition Corp. , the publicly traded blank check company that planned to merge with former president Donald Trump's social media company, fired its CEO earlier this week, according to a Wednesday filing. The former CEO, Patrick Orlando, will remain as a director for the company. Orlando and a DWAC representative didn't immediately respond to requests for comment. Amid those legal obstacles, Digital World has also faced financial struggles.

☆ Trump Media deal partner says shareholders approve delay of merger with Truth Social parent
▼ + stars: | 2022-11-22 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

DWAC needed 65% of its shareholders to approve an extension of the deadline to merge with Trump Media until September 2023. If a merger were to take place, it would give hundreds of millions of dollars in funding to Trump Media. Internal documents have shown that Trump Media also considered mergers and partnerships with other right-wing-friendly platforms, including Rumble and Parler. Over the weekend, Elon Musk, the new owner of Twitter, reinstated Trump on the social media platform. The special purpose acquisition vehicle has also been dealing with the fallout from a Trump Media executive's whistleblower complaint to federal regulators.

☆ Trump-Tied SPAC DWAC wins shareholder support for one year extension
▼ + stars: | 2022-11-22 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

DWAC shares jumped on news of the approval and were trading at $23.42, up 8.60% after the meeting was ended. Tuesday's meeting was scheduled after Orlando extended the Nov. 3 meeting to give investors more time. On Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG) which operates Trump's Truth Social app, stands to receive from DWAC. Reporting by Svea Herbst-Bayliss with additional reporting by Echo Wang Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Trump Media merger partner loses board member days before pivotal shareholder meeting
▼ + stars: | 2022-11-17 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. DWAC's CEO, Patrick Orlando, has adjourned the meeting multiple times in recent months as he seeks shareholder approval to delay his company's merger with Trump Media and Technology Group, which owns the Truth Social app, by about a year. Will Wilkerson, a former Trump Media executive, turned over documents to the Securities and Exchange Commission and filed a whistleblower complaint, claiming misrepresentations by the companies. Trump Media has also blamed regulators for the delay of its merger with DWAC. He has about 4 million followers on Truth Social.

☆ Trump Media deal partner DWAC adjourns shareholder meeting for sixth time as it seeks votes to delay merger
▼ + stars: | 2022-11-03 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. Digital World Acquisition Corp ., the shell company set to take Trump Media and Technology Group and its Truth Social platform public, adjourned a shareholder vote on the planned merger for a sixth time Thursday as its Dec. 8 liquidation date nears. DWAC needs 65% of its shareholders to approve an extension of the Trump Media merger to September 2023, a year beyond its original deadline. At least $138 million of the $1 billion that would go to Trump Media has been pulled by these investors. The former president, however, has indicated he will be staying exclusively on Truth Social.

Digital World Acquisition Corp (DWAC) (DWAC.O) Chief Executive Patrick Orlando on Thursday said he is extending a voting deadline until Nov. 22. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates Trump's Truth Social app, stands to receive from DWAC. DWAC shares, which have tumbled nearly 70% since January, inched up modestly in early trading on Thursday to $16.31. Before that it had delayed several times, moving the deadline to Oct. 10 from Sept. 8, and before that from Sept. 6. By Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/IllustrationOct 28 (Reuters) - Ever since former U.S. President Donald Trump launched a new media company aimed at rivaling Twitter, there has been a mystery over who provided the money. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. The involvement of the previously unnamed financial backers of Trump Media & Technology Group (TMTG) – parent company of social media app Truth Social – shows how Trump tapped his political supporters to launch an outlet aimed at political conservatives and libertarians after he was banned from Twitter and Facebook following the Jan. 6, 2021 attack on Congress. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

Former President Donald Trump's media company fired an executive Thursday after he shared internal documents from a Securities and Exchange Commission whistleblower complaint with The Washington Post and spoke with the newspaper, the news outlet reported Saturday. In the article, he also described strife within Trump Media, including tension with CEO Devin Nunes, who, as a Republican congressman, was one of Trump's most loyal defenders. Digital World Acquisition Corp. , the SPAC seeking to take the media company public, didn't immediately respond to a request for comment. Trump Media fired Wilkerson for making "unauthorized disclosures" to the Post, the newspaper said. The report comes as DWAC pushes its shareholders to vote to delay its planned merger with Trump Media, which was announced last year.

☆ Trump SPAC stock jumps after Google adds Truth Social to Play Store
▼ + stars: | 2022-10-12 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. Shares of Digital World Acquisition Corp ., the company aiming to take former President Donald Trump's media company public, jumped during after-hours trading after Google added the Truth Social app to its Play Store. Google reinstated Parler, a platform similar to Truth Social, to the Play Store in September after the app was substantially modified to comply with Google's policies. DWAC's private investors were set to provide $1 billion to Trump Media upon the merger's completion. Meanwhile, a whistleblower from within Trump Media, William Wilkerson, has provided the SEC with internal documents.

☆ SPAC Again Delays Shareholder Vote on Merger With Trump’s Social-Media Platform
▼ + stars: | 2022-10-10 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

The special-purpose acquisition company that is trying to take public former President Donald Trump’s social-media platform pushed back the deadline for its shareholders to vote on giving the company more time to close its deal. The SPAC, Digital World Acquisition on Monday pushed the deadline to Nov. 3 on the vote to extend the deadline to merge with Trump Media & Technology Group. The entity had needed approval of shareholders representing 65% of shares by Monday for a one-year extension. Patrick Orlando , Digital World Acquisition chief executive, said the latest delay is meant “to accommodate the sheer number of voters that have not yet been able to cast their vote.”

☆ Digital World Acquisition Corp prepares merger-delay vote as Trump Media exec warns company will fail
▼ + stars: | 2022-10-10 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. The company is also dealing with the fallout from a Trump Media executive's whistleblower complaint to federal regulators. A senior vice president at Trump Media, William Wilkerson, filed a whistleblower complaint alleging securities violations in August. Trump Media recently announced that the company was exploring legal action against the SEC for delaying the deal. "If they don't come with the financing I'll have it private," Trump said to supporters in an early-October rally in Michigan.

☆ Digital World CEO urges Donald Trump to push shareholders to vote on merger delay
▼ + stars: | 2022-09-30 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Patrick Orlando, the CEO of the shell company set to take Trump Media and Technology Group public, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to promote an upcoming vote to extend the merger deadline for the two companies. "@realDonaldTrump @DevinNunes let's get the vote awareness up," the Digital World Acquisition Corp . chief wrote in a Truth Social post that attached information about the shareholder vote. DWAC stockholders will vote on Oct. 10 to approve an extension to the merger deadline. These are far from the only issues facing DWAC and Trump Media. Trump Media has said it was exploring legal proceedings against the SEC, saying the regulator has delayed the merger.

☆ The company trying to buy Trump's Truth Social has changed its HQ address from a WeWork to a mailbox at a UPS Store
▼ + stars: | 2022-09-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The company trying to buy Trump's Truth Social has changed its HQ address to a UPS mailbox. Digital World Acquisition previously had its HQ address listed as a WeWork building in Miami. The blank-check company's proposed deal with Truth Social has been plagued by setbacks. A buyout deal between Digital World and Truth Social was first announced in October 2021, and was originally set to close in September 2022. Digital World did not immediately respond to Insider's request for comment, made outside of regular working hours.

☆ Trump-linked SPAC changes address to UPS store as investments pulled
▼ + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS store in Miami. The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing its financing losses. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding. One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company.

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