Digital World Acquisition today announced that Eric Swider, a member of the board since the SPAC’s IPO, has been appointed interim CEO, effective immediately.
Swider succeeds Patrick Orlando, who was terminated from his positions as CEO and chairman after having served for the past 1.5 years, according to the press release.
“As the board executes its succession plan, it looks forward to a fully realigned management team to best meet the challenges the company faces,” the SPAC said in a statement.
Orlando will remain as a director on the board.
Digital World and pending merger partner Trump Media and Technology Group have been embroiled in drama since their deal was announced in October 2021, just weeks after the SPAC’s $250 million IPO. The transaction is the focus of several federal investigations, which have resulted in multiple delays in getting the deal to a vote of Digital World shareholders. In the most recent imbroglio related to this deal, federal prosecutors have reportedly expanded their criminal investigation to examine two loans totaling $8 million that were wired to Trump Media through the Caribbean from entities connected to an ally of Russian Federation President Vladimir Putin. Read more.
