The former chief executive of the company that helped Donald Trump’s social media company go public is being sued for securities fraud.
The U.S. Securities and Exchange Commission (SEC) has accused Patrick Orlando, the former CEO of the shell company Digital World Acquisition Corp (DWAC), of breaking rules by issuing false and misleading statements.
In its filing with a District of Columbia court on Wednesday, the SEC said Orlando had failed to disclose to investors that DWAC had formed a plan to acquire Trump Media & Technology Corp.
In March, DWAC completed its merger with Trump Media, which owns the former president’s social media platform, Truth Social.
This is a breaking story. More to follow.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
