Former SPAC CEO and Investment Firms Accuse Board Member of Data Theft and Corporate Intrigue
Investment firms, led by the former CEO of the SPAC that merged with Donald Trump’s media venture, have filed a federal civil lawsuit alleging hacking and corporate subversion by a current member of the media company’s board of directors.
The lawsuit, filed in South Florida, accuses board member Eric Swider of orchestrating a scheme to replace Patrick Orlando as CEO of Digital World Acquisition Corp., the SPAC that facilitated the merger. Allegedly, Swider and others hacked into the firms’ computer systems to obtain information, which they then used to attack Orlando and advance their agenda.
The plaintiffs, including Benessere Investment Group and ARC Global Investments II, seek damages and an injunction against the use of stolen information. Orlando was ousted from Digital World in March 2023 and replaced by Swider.
The merger took Trump Media & Technology Group Corp., owner of Truth Social, public on the Nasdaq Stock Market. However, the company’s stock (traded under DJT) experienced a volatile debut, with recent losses wiping out initial gains, fueling concerns about the company’s stability amid the legal turmoil.
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