Hedge funds and C-suites: Trump-linked DWAC fires CEO | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Mar 27, 2023 13:56
By Davit Kirakosyan
Investing.com -- Here is your weekly Pro Recap of the biggest news out of hedge funds and company top brass you may have missed on InvestingPro.
Digital World Acquisition fires CEO Patrick Orlando, appoints interim CEO/h2
Digital World Acquisition (NASDAQ:DWAC), fired Patrick Orlando from his positions as Chairman and CEO of the company, according to the Wednesday filing. Orlando, who, together with his other company ARC Global Investments, owns 10% of DWAC, remains a director of the company. Eric Swider, another director, was appointed to serve as interim chief executive while the board works on executing a final succession plan.
The company, set to merge with former President Donald Trump's social media firm, cited “unprecedented headwinds” that required a change in leadership to enter a "new phase." The company has been facing financial issues and is under investigation by the Securities and Exchange Commission and federal prosecutors in New York City. Its plan to merge with Trump Media and Technology Group has been delayed, resulting in a loss of $100 million.
The news of the CEO’s termination comes as Donald Trump faces a potential indictment in Manhattan related to a payment made to porn star Stormy Daniels, before the 2016 election.
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