Trump Media Merger Partner DWAC Fires CEO, Citing ‘Unprecedented Headwinds’

variety.com:

Todd Spangler NY Digital Editor Digital World Acquisition Corp., the blank-check company that has proposed merging with Donald Trump’s media company, said it fired chairman and CEO Patrick Orlando.

On March 19, the company’s board of directors terminated Orlando from his positions as chairman and CEO, DWAC disclosed in an SEC filing Wednesday.

Orlando remains a director of the company. “Due to the unprecedented headwinds faced by the company, the board agreed it was in the best interest of its shareholders to select a new management team to execute an orderly succession plan and set strategic operating procedures for the company in this new phase,” DWAC said in a statement. “Mr.

Orlando’s departure enables the board to appoint new leadership, which it believes will restore confidence to the shareholders.” Trump Media & Technology Group previously announced plans to combine with DWAC, a special purpose acquisition company (SPAC), to become a publicly traded entity.