Executive resigns at Trump Media, Truth Social’s parent company

In a surprising development, Andrew Northwall has resigned from his role as Chief Operating Officer at Trump Media & Technology Group Corp. This shift comes amidst a recent court ruling that mandates the company to transfer nearly 800,000 shares to one of its investors.

According to a regulatory filing with the Securities and Exchange Commission, Northwall stepped down late last month, and Trump Media intends to handle his duties internally moving forward. However, the specifics surrounding his resignation have not been made public. Northwall joined the company in December 2021, based on information from his LinkedIn profile.

The SEC filing also disclosed that a Delaware court ordered Trump Media to release 785,825 shares to Arc Global Investments II. This ruling arose from a dispute over the number of shares owed to Arc following Trump Media’s merger with Digital World Acquisition Corp. Both Trump Media and Arc now have the opportunity to appeal the ruling within 30 days.

Trump Media is known for its social media platform, Truth Social, which was launched by Donald Trump after he was banned from Twitter and Facebook in the aftermath of the January 6, 2021 Capitol riots. Based in Sarasota, Florida, the company has been grappling with financial difficulties, having reported a loss of nearly $58.2 million last year while generating only $4.1 million in revenue.

Market analysts have coined the term “meme stock” to describe shares of Trump Media, often referred to as TMTG, indicating that they are subject to significant volatility and price spikes driven by online discussions instead of conventional valuation metrics. The stock has experienced considerable fluctuations, heavily influenced by individual investors who may not possess the same level of experience as professional day traders.

Remarkably, just last month, TMTG’s stock hit an all-time low coinciding with the first trading day when Donald Trump, the company’s largest shareholder, could sell his holdings. The shares initially debuted on the Nasdaq in March, peaking at $79.38 during their launch. As of this morning, shares of Trump Media & Technology have seen a slight increase, trading at $16.20 ahead of the market opening.