Two former executives of the company that recently acquired Truth Social are embroiled in lawsuits related to the acquisition of Trump’s social media company, wired Report. The former CEO of Digital World Acquisition Corporation (DWAC) – a special purpose acquisition company created to acquire Trump’s media and technology conglomerate – is suing his successor for allegedly hacking into his private account as part of a “coup” part of “”.
The details are quite confusing. Patrick Orlando, who served as DWAC CEO until March 2023, claims he was fired by Trump Media board member Eric Swider, who was fired immediately after Orlando Appointed CEO. (Sweed served as CEO until March of this year.) Orlando filed the lawsuit against Swede through Benessere Investment Group, which Swede controls, according to Orlando. wiredReport.
After Orlando was fired, Swider recruited his former personal assistant, Alexander Cano, to help him improperly access Orlando’s accounts, the lawsuit alleges. Cano allegedly accessed Box.com electronic storage accounts associated with Benessere and ARC Global Investments II (a separate fund of the Orlando organization that provided financing for the acquisition of Truth Social), which also contained login information for Orlando Mailchimp and DocuSign accounts as his confidential document. The lawsuit alleges that Cano passed “stolen information” to Swede.
After Orlando was fired, Swider then used Orlando’s Mailchimp account to send emails to ARC II investors about the Truth Social deal, according to the lawsuit. “Mr. Orlando’s leadership has pushed our mutual interests with DWAC directly into the arms of the SEC and DOJ, resulting in lengthy delays and costly investigations,” Swider wrote. wired. “By filing this lawsuit against DWAC, Mr. Orlando is destroying the value that the company and its members may realize upon consummation of the business combination.” Swider also invited investors to join a series of Zoom calls “to understand our risk exposure as leadership continues to guide We are on a path of misinformation, hidden information and self-dealing.”
Orlando’s tenure in the DWAC was indeed a rough one. The proposed merger of Trump Media and DWAC has been delayed for years, in part due to investigations by the Securities and Exchange Commission and federal criminal investigators. These delays cost DWAC $100 million, CNBC reported in 2023.