Additional Coverage:
- Chief operating officer of Truth Social’s parent company resigns (newsbreak.com)
Truth Social COO Resigns, Company Faces Legal Setback
Truth Social’s parent company, Trump Media & Technology Group, has lost its chief operating officer, Andrew Northwall. The company plans to distribute his duties internally, but no further details were given.
Meanwhile, a Delaware court has ordered Trump Media to hand over nearly 800,000 shares to ARC Global Investments II. The two parties have been in a dispute over the number of shares ARC was owed after Trump Media merged with Digital World Acquisition Corp.
Truth Social Faces Financial Challenges
Trump Media, which operates Truth Social, has been struggling financially. It lost nearly $58 million last year and generated only $4.1 million in revenue. The company has been labeled a “meme stock” due to its volatile trading, driven by individual investors.
Stock Value Drops
Trump Media’s stock has fallen to its lowest level ever, despite its initial surge when it started trading publicly in March. The company’s shares are expected to remain volatile as individual investors continue to play a major role in its trading.
Read More About This Story:
- Chief operating officer of Truth Social’s parent company resigns (newsbreak.com)