March 23, 2023: Digital World Acquisition Corp., the publicly traded blank check firm that planned to mix with retired president Donald Trump’s social media firm, fired its CEO, according to a Wednesday filing.
The former CEO, Patrick Orlando, will remain a company director. The DWAC board appointed Eric Swider, one more director, to serve as interim chief executive.
On Wednesday, DWAC cited “unprecedented headwinds” that necessitated a leadership change for the group to enter a “new phase.”
The firm has been under investigation by the Securities and Exchange Commission and federal criminal investigators. Amid those legal obstacles, Digital World is facing faced financial struggles.
The firm had aimed to mix with Trump Media and Technology Group, the parent of Truth Social, but has been delayed in finalizing that deal.
The news comes as Trump witnesses a potential indictment in Manhattan for more than a hush payment to a porn star, much as in the 2016 election.
Trump was reinstated to social networks such as Twitter and Facebook following a ban over his social media messages during the January 6, 2021, Capitol insurrection, when hundreds of his people invaded Congress.
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