Trump’s Truth Social in Turmoil: COO Resigns Amid Legal and Financial Woes
Staff Editor Truth Social Parent Company COO Resigns Amid Legal and Financial Challenges
The parent company of Truth Social, Trump Media & Technology Group Corp., has announced the resignation of its chief operating officer, Andrew Northwall. The departure was disclosed in a recent filing with the Securities and Exchange Commission (SEC). While the company plans to transition Northwall’s responsibilities internally, no additional details regarding the resignation were provided. Northwall had been with the company since December 2021, according to his LinkedIn profile.
In a separate development, a Delaware court has ruled that Trump Media must release 785,825 shares to ARC Global Investments II. This decision stems from an ongoing dispute between the two entities over share allocation following a merger with Digital World Acquisition Corp. Both parties have a 30-day window to appeal the court’s decision after the final order is issued.
Trump Media, which operates the Truth Social platform created by former President Donald Trump, has been grappling with financial difficulties. The Sarasota, Florida-based company reported a loss of nearly $58.2 million in the previous year, while generating only $4.1 million in revenue.
The company’s stock, often referred to as a “meme stock” due to its volatility and online-driven popularity, has experienced significant fluctuations since its public debut. Trump Media’s shares, trading under the ticker TMTG, reached a high of $79.38 upon their Nasdaq debut in March. However, the stock recently hit its lowest level ever, coinciding with the period when Donald Trump became eligible to sell his stake.
As of the latest market activity, TMTG shares showed a slight increase, rising to $16.20 in pre-market trading on Friday. The company continues to face scrutiny from investors and market analysts as it navigates these operational and financial challenges.
