Beautiful Virgin Islands

Friday, Aug 08, 2025

US Firm Removes CEO Over Push To Merge With Donald Trump's Truth Social

US Firm Removes CEO Over Push To Merge With Donald Trump's Truth Social

Digital World Acquisition confirmed Wednesday that it parted ways with its CEO as company moved toward a merger with Trump's social media company.
Digital World Acquisition Corporation, which operates as a "blank check" company and plans to merge with former US President Donald Trump's social media company, fired its CEO earlier this week.

Eric Swider, a different director, was chosen by the corporate board to act as interim CEO. However, Patrick Orlando, the previous CEO, will continue to serve as a company director.

"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.

In October 2021, Trump's newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. The deal is now in doubt amid investigations by the Justice Department and the Securities and Exchange Commission, which have delayed its closing.

Late last year, shareholders approved extending the deadline to close the deal to September 2023. Around that time, DWAC's chief financial officer and two independent directors left.

Challenges for both DWAC and TMTG, which operate 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 U.S. 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. He posted to Alphabet Inc.'s YouTube and Meta Platforms Inc.'s Facebook on March 17, the same day YouTube restored his channel. Meta reinstated Trump's Facebook and Instagram accounts earlier this year.

Trump's Twitter account was reinstated in November by the platform's new owner, Elon Musk, but Trump has yet to post there.

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.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Administration Increases Reward for Arrest of Venezuelan President Maduro to Fifty Million Dollars
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
The AI-Powered Education Revolution: Market Potential and Transformative Impact
Chikungunya Virus Outbreak in Southern China: Over 7,000 Hospitalized
French wine makers have seen catastrophic damage to vines that were almost ready to be harvested after the worst fires in more than 70 years burned through the south of the country
US Lawmaker Probes Intel CEO’s China Ties Amid National Security Concerns
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
Trump Open to Meeting Putin as Soon as Next Week, with Possible Trilateral Summit Including Zelenskiy
Katy Perry and Justin Trudeau spark dating rumors, joining high stakes world of celeb-politician romances
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
Trump Signals JD Vance as ‘Most Likely’ MAGA Successor for 2028
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
Representative Greene Urges H-1B Visa Cuts Amid U.S.-India Trade Tensions
U.S. House Committee Subpoenas Clintons and Senior Officials in Epstein Investigation
Sydney Sweeney Registered as Republican as Controversial American Eagle Ad Sparks Debate
Trump Accuses Major Banks of Politically Motivated Account Denials and Prepares Executive Order
TikTok Removes Huda Kattan Video Over Anti-Israel Conspiracy Claims
Trump Threatens Tariffs on India Over Russian Oil Imports
German Finance Minister Criticizes Trump’s Attacks on Institutions
U.S. Proposes Visa Bond of Up to $15,000 for Some Applicants
U.S. Farmers Increase Lobbying Amid Immigration Crackdown
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
×