Trump-backed blank-check firm Digital World ousts CEO Patrick Orlando
“Due to the unprecedented headwinds faced by the Company, the Board agreed it was in the best interest of its shareholders to select a new management team to execute an orderly succession plan and set strategic operating procedures for the Company in this new phase,” the company said in a news release.
Orlando did not immediately respond to a request for comment.
Challenges for both DWAC and TMTG, which operates the Truth Social app, have continued this year.
TMTG’s founders launched the company as a way for Trump to connect with his followers after he was cut off from major social media platforms following the Jan. 6, 2021, attack on the US Capitol by his followers.
TMTG’s fortunes are tied to Trump, whom the company bills as its chief traffic driver.
But Trump has now returned to the platforms from which he was ousted.
Meta reinstated Trump’s Facebook and Instagram accounts earlier this year.
A blank-check firm, also known as a SPAC, is a publicly traded shell company that raises cash to acquire and take public a private company, allowing the target to sidestep the stricter regulatory checks of an initial public offering.
Source: NYPost Technology