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Jose Garcia

(2,715 posts)
Wed Mar 22, 2023, 02:28 PM Mar 2023

Trump-linked Digital World Acquisition Corp fires CEO Patrick Orlando

Source: CNBC

Digital World Acquisition Corp., the publicly traded blank check company that planned to merge with former president Donald Trump's social media company, fired its CEO earlier this week, according to a Wednesday filing.

The former CEO, Patrick Orlando, will remain as a director for the company. He and his other company ARC Global Investments each own 10% of DWAC. The DWAC board appointed Eric Swider, another director, to serve as interim chief executive while the board works on executing a final succession plan. Orlando and a DWAC representative didn't immediately respond to requests for comment.

In a Wednesday announcement, DWAC cited "unprecedented headwinds" that necessitated a leadership change in order for the company to enter a "new phase."

The company has been under investigation by the Securities and Exchange Commission, as well as by federal prosecutors in New York City. Amid those legal obstacles, Digital World has also faced financial struggles.

Read more: https://www.google.com/amp/s/www.cnbc.com/amp/2023/03/22/trump-linked-digital-world-acquisition-corp-fires-ceo.html

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Trump-linked Digital World Acquisition Corp fires CEO Patrick Orlando (Original Post) Jose Garcia Mar 2023 OP
Well, I guess they aren't masters of the universe after all PJMcK Mar 2023 #1
"Unprecedented headwinds'... OldBaldy1701E Mar 2023 #2
So when will nunes be fired? I am hoping that they all lose their money SWBTATTReg Mar 2023 #3

PJMcK

(22,227 posts)
1. Well, I guess they aren't masters of the universe after all
Wed Mar 22, 2023, 03:01 PM
Mar 2023

I never would have guessed.

And who could have assumed that going into business with Trump would create “unprecedented headwinds?”

It’s actually pathetic.

SWBTATTReg

(22,730 posts)
3. So when will nunes be fired? I am hoping that they all lose their money
Thu Mar 23, 2023, 12:55 PM
Mar 2023

And part of the reason is tRUMP himself, he's failed to do what he promised, to devote a certain % of his time/broadcasting for this newly established company (me: a SPAC):

Rep. Devin Nunes (R-Calif.), a key Donald Trump ally who was poised to be the chairman of the powerful Ways and Means Committee if Republicans win back the House in 2022, said Monday he will resign at the end of this month to become CEO of the former president’s new media and technology company. “Recently, I was presented with a new opportunity to fight for the most important issues I believe in. I’m writing to let you know I’ve decided to pursue this opportunity, and therefore I will be leaving the House of Representatives at the end of 2021,” Nunes told constituents. “Rest assured, I have not, by any means, given up our collective fight — I’ll just be pursuing it through other means,” he added.

It seems like tRUMP is into fraud no matter where he turns. The news of this particular SPAC (a special purpose acquisition company) is NOT looking good, but who's surprised? The SPAC, called DWAC is roughly trading at $13+ dollars a share (still!).

There are any number of reasons why a SPAC deal might fail. Seven reasons were listed here, I didn't list them here. The biggest thing was the Scam Alert issued for SPACs (see below)...

Scam Alerts
Though popular in recent years, SPACs face new accounting regulations issued by the U.S. Securities and Exchange Commission (SEC) as of April 2021, causing new SPAC filings to plummet in the second quarter from the record levels of 2021’s first quarter.
8

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