Trump Media & Technology Group, the parent company of Truth Social, faces major changes as COO Andrew Northwall resigns, and the company must transfer 785,825 shares to Arc Global Investments II following a Delaware court ruling. Northwall, who joined the company in December 2021, stepped down late last month, with his duties being reassigned internally, according to an SEC filing.
- Court Ruling: The Delaware court ruled that Trump Media owes nearly 800,000 shares to Arc Global Investments II, following disputes over the share distribution after Trump Media’s merger with Digital World Acquisition Corp.
- Financial Troubles: Trump Media continues to face significant financial challenges, having lost $58.2 million last year while generating just $4.1 million in revenue.
- Meme Stock Volatility: The company’s stock, commonly referred to as TMTG, has fluctuated due to speculative trading. After debuting at a high of $79.38, it dropped to its lowest levels, with shares trading at $16.20 as of Friday morning.
Despite its market volatility, Trump Media’s leadership reshuffling and financial struggles signal a turbulent path ahead for the company behind Truth Social.
