NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / Ex-DWAC boss from before Trump Media merger suing new chief
    Summarize
    Next Article
    Ex-DWAC boss from before Trump Media merger suing new chief
    Trump Media's stock performance has taken a dip

    Ex-DWAC boss from before Trump Media merger suing new chief

    By Dwaipayan Roy
    Apr 12, 2024
    01:32 pm

    What's the story

    Patrick Orlando, the ex-CEO of Digital World Acquisition (DWAC), has launched a legal battle against his successor, Eric Swider.

    The lawsuit alleges that Swider unlawfully accessed Orlando's files in an attempt to seize control of the publicly traded firm.

    This legal action was initiated by Orlando's limited liability company, the Benessere Investment Group, just before DWAC merged with Trump Media & Technology Group last month.

    Accusations

    Accusations of corporate coup and unlawful access

    The lawsuit filed by Orlando accuses Swider and Alexander Cano, DWAC's President and Secretary, of planning a corporate "coup d'etat" to oust him.

    It alleges that Swider conspired with Cano, who previously served as Orlando's Assistant at Benessere, to misuse his access privileges.

    The suit claims they illicitly obtained confidential files belonging to Orlando in their bid to take over the company.

    Unlawful access

    Misuse of confidential information alleged

    The lawsuit further alleges that Swider and Cano unlawfully accessed Orlando's Mailchimp and DocuSign accounts.

    They are accused of using the stolen information, to distribute an email containing misleading statements about Orlando's leadership to ARC II's members.

    This action, according to the lawsuit, was part of a strategy designed to remove Orlando from his position as ARC II's managing member.

    Board manipulation

    Swider's alleged promise of excessive remuneration

    The legal complaint also accuses Swider of promising excessive remuneration to other board members, in exchange for their support in ousting Orlando.

    After Orlando's removal, Swider took over as DWAC's CEO last July, with Cano being appointed as the company's president.

    The lawsuit notes that Cano received a convertible note that could be exchanged for 165,000 shares of DWAC's stock, valued at over $6 million at the time of filing.

    Financial struggles

    Trump Media's stock performance dips post-merger

    Following the merger with DWAC, Trump Media experienced a significant downturn in its stock performance.

    The company's shares began to fall after it reported an operational loss of nearly $16 million in 2023.

    This financial setback was compounded by an interest expense of $39.4 million, while the company only generated a revenue of $4.1 million during the same period.

    Restriction

    Legal action initiated by Trump Media co-founders

    Andy Litinsky and Wes Moss, co-founders of Donald Trump's social-media start-up, have also initiated legal action against Trump Media & Technology Group.

    They allege that the former president punished them by prohibiting the sale of their stocks for six months.

    This restriction is reportedly causing "irreparable harm" to both persons, according to their legal complaint.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    Donald Trump
    Lawsuits

    Latest

    Mysore Rajamata donates 100kg silver lamps to Tirumala temple  Tirumala Tirupati Devasthanams
    2 trains escape derailments in UP: How loco-pilots averted disasters   Indian Railways
    England's XI for Zimbabwe Test features uncapped Sam Cook: Details England Cricket Team
    UN warns 14,000 babies could die in Gaza within 48hrs  Benjamin Netanyahu

    Donald Trump

    Robert De Niro claims anti-Trump remarks in speech were edited Robert De Niro
    Who are the real figures getting featured in Trump's biopic Hollywood
    House approves impeachment inquiry into US President Joe Biden Joe Biden
    Trump's 'poisoning blood' of America remark on immigrants triggers row United States of America

    Lawsuits

    Plagiarism case against IU dismissed; EDAM Entertainment shares statement K-Pop
    Bullying case: Kim Hieora's agency files lawsuit after conversation leak South Korea
    TWICE Nayeon's agency to take action against defamation; releases statement K-Pop
    Delhi HC grants protection of Anil Kapoor's personality rights Anil Kapoor
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025