2023-03-22 05:39:03 ET
- Trump SPAC Digital World Acquisition ( NASDAQ: DWAC ) has announced executive changes as part of succession plan for new management team.
- Eric Swider, a member of DWAC's board since IPO, has been appointed interim chief executive officer, effective immediately.
- He succeeds Patrick Orlando, who was terminated from his positions as CEO and chairman of the board after having served for the past 1.5 years. Orlando will continue as a board director.
- The changes follow amid a report that federal prosecutors were probing whether the social media company may have allegedly violated money laundering rules .
- The board decided that it was in the best interest of its shareholders to select a new management team to execute an orderly succession plan due to the unprecedented headwinds faced by the company.
- On Monday, DWAC shares jumped amid speculation that former president may be arrested in New York over alleged hush money he paid to women before the 2016 election.
- Shares gained around 3% in Wednesday's premarket hours
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Trump SPAC Digital World names Eric Swider as interim CEO