{"id":110164,"date":"2024-10-04T04:41:15","date_gmt":"2024-10-03T21:41:15","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=110164"},"modified":"2024-10-04T04:41:15","modified_gmt":"2024-10-03T21:41:15","slug":"trump-media-coo-quits-djt-turns-over-more-shares-to-spac-investor-in-court-fight","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=110164","title":{"rendered":"Trump Media COO quits; DJT turns over more shares to SPAC investor in court fight"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107392751\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A smartphone displays the logo of Donald Trump&#8217;s Truth Social app on March 25, 2024.<\/p>\n<p>Anna Barclay | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/DJT\/\">Trump Media<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> Chief Operating Officer Andrew Northwall resigned in late September, the company revealed in a <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001849635\/000114036124042755\/ef20036632_8k.htm\" target=\"_blank\" rel=\"noopener\">regulatory filing<\/a> Thursday. <\/p>\n<p>Former President <a href=\"https:\/\/www.cnbc.com\/donald-trump\/\">Donald Trump<\/a>&#8216;s social media company announced in the same filing that it will release nearly 800,000 shares of its stock to an <a href=\"https:\/\/www.cnbc.com\/2024\/09\/17\/djt-trump-media-stock-lawsuit-lockup.html\">early investor<\/a>, in accordance with a recent order by a Delaware judge.<\/p>\n<p>At Thursday&#8217;s closing price, those shares would be worth around $12.7 million. <\/p>\n<p>The company, which trades on the Nasdaq as DJT, provided no explanation for Northwall&#8217;s resignation, but said it &#8220;plans to transition his duties internally.&#8221;<\/p>\n<p>The filing with the U.S. Securities and Exchange Commission made no direct connection between the development in the Delaware lawsuit and the executive&#8217;s departure.<\/p>\n<p>In mid-September, Delaware Chancery Court Judge Lori Will ruled that Trump Media breached an agreement with ARC Global Investments II, a so-called sponsor of the business merger that took the company public.<\/p>\n<p>The legal dispute centered on competing claims about how to calculate the number of Class A shares that ARC was owed once Trump Media combined with the blank-check firm Digital World Acquisition Corp., or DWAC.<\/p>\n<p>Will ruled that the stock-conversion ratio put forward by DWAC was too low, and that ARC was therefore entitled to more shares.<\/p>\n<p>Trump Media noted in Thursday&#8217;s SEC filing that the judge also rejected ARC&#8217;s proposed ratio, which was much higher. <\/p>\n<p>But the company nevertheless said that as a result of the court&#8217;s order, &#8220;a portion of the disputed conversion Common Stock held in escrow were released to ARC.&#8221;<\/p>\n<p>Trump Media said that it will release 785,825 shares of its common stock to ARC.<\/p>\n<p>Patrick Orlando, the investor behind ARC, was DWAC&#8217;s original CEO. He was <a href=\"https:\/\/www.cnbc.com\/2023\/03\/22\/trump-linked-digital-world-acquisition-corp-fires-ceo.html\">forced out<\/a> of DWAC in 2023, a year before Trump Media and DWAC completed their merger in late March.<\/p>\n<p>In July, the <a href=\"https:\/\/www.cnbc.com\/2024\/07\/18\/sec-sues-trump-media-spac-ex-ceo-patrick-orlando.html\">SEC sued Orlando<\/a>, accusing the investor of having lied in public securities filings about DWAC&#8217;s merger plans with Trump Media.<\/p>\n<p>The SEC has asked the court to force Orlando to turn over &#8220;all ill-gotten gains&#8221; from the alleged fraud, plus civil penalties. The agency is also seeking a permanent injunction that would Orlando from serving as an officer or director of a publicly traded company.<\/p>\n<p>The case in U.S. District Court for the District of Columbia is ongoing.<\/p>\n<p>Trump is the majority shareholder of Trump Media, which operates the Twitter-esque social media platform Truth Social.<\/p>\n<p>The Republican presidential nominee owns nearly 57% of the company&#8217;s stock, a stake worth almost $1.9 billion on paper.<\/p>\n<p>He and other company insiders, including ARC, were barred from selling any shares until Sept. 19, when a lock-up agreement expired.<\/p>\n<p>Days after that restriction lifted, one of the company&#8217;s big shareholders, <a href=\"https:\/\/www.cnbc.com\/2024\/09\/26\/trump-media-shareholder-dumped-more-than-7point5-million-shares.html\">United Atlantic Ventures<\/a>, dumped virtually its entire 11-million-share stake, SEC filings show. <\/p>\n<p>That stake may have been worth at least $128 million, based on the price range that DJT stock was fetching after the lockup expired.<\/p>\n<p>Trump has vowed not to sell.<\/p>\n<p><strong>This is breaking news. Please refresh for updates.<\/strong><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/03\/djt-coo-quits-trump-media-spac-shares-court-fight.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A smartphone displays the logo of Donald Trump&#8217;s Truth Social app on March 25, 2024. Anna Barclay | Getty Images Trump Media Chief Operating Officer Andrew Northwall resigned in late &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=110164\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-110164","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/110164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110164"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/110164\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=110164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=110164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}