Investment firms led by the former CEO of the SPAC that merged with Donald Trump's media company allege that their files were hacked and stolen by a current member of the media company's board of directors.
As part of that attempted ouster, Swider and others allegedly "stole access" to the firms' computer systems and then "used the stolen information to attack" Orlando, according to the lawsuit. The Florida lawsuit is just one in a series of messy and dramatic legal disputes that have come to define Trump Media's rocky road to an IPO, and its equally turbulent first weeks as a public company.with the Securities and Exchange Commission, though the agency found the SPAC had submitted "materially false and misleading" filings.." They point to the company's reported net loss of $58.2 million on revenue of just $4.1 million in 2023.
Swider stood to massively increase his compensation through his accession to CEO of DWAC — but he also wanted to take control of ARC II, which owned about 19% of DWAC prior to the merger, according to the lawsuit. A woman uses her phone in front of screens displaying trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26, 2024.Cano agreed, and Swider "made good on his promise," while also providing Cano with a convertible note worth 165,000 shares of DWAC's stock — an award valued at more than $6 million at the time, the suit alleges.
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