COO Of Truth Social’s Parent Company Resigns

The chief operating officer of Truth Social's parent company has resigned, and the company must hand over almost 800,000 shares to one of its investors as part of a court ruling, according to a regulatory filing, Michelle Chapman reported for the Associated Press (AP).

Northwall joined Truth Social in December 2021. I Photo: Andrew Northwall Linkedin

COO Andrew Northwall resigned from Trump Media & Technology Group Corp. late last month, according to the Securities and Exchange Commission (SEC) filing, which added that the company plans to “transition his duties internally.”

He joined the company in December 2021, according to his LinkedIn page.

The SEC filing also disclosed that a Delaware court ruled last month that 785,825 shares of Trump Media must be released to ARC Global Investments II. Both parties have been feuding over how many shares ARC was owed after Trump Media combined with Digital World Acquisition Corp. (DWAC).

The court said that ARC and Trump Media have the option to file an appeal within 30 days after its final order.

Trump Media operates the social media platform Truth Social, which Trump created after he was banned from Twitter and Facebook following the January 6, 2021, Capitol riot. Based in Sarasota, Florida, the company has been losing money and struggling to raise revenue.

It lost nearly $58.2 million last year while generating only $4.1 million in revenue, according to regulatory filings.

Shares of Trump Media have been considered a "meme stock" by some market experts, a nickname given to stocks that gain popularity online and surge beyond what traditional analysis suggests they are worth.