Digital World Acquisition Corp., the publicly traded blank check company that planned to merge with former president Donald Trump’s social media company, fired its CEO earlier this week, according to a Wednesday filing.
The former CEO, Patrick Orlando, will remain as a director for the company. The DWAC board appointed Eric Swider, another director, to serve as interim chief executive. Orlando and a DWAC representative didn’t immediately respond to requests for comment.
In a Wednesday announcement, DWAC cited “unprecedented headwinds” that necessitated a leadership change in order for the company to enter a “new phase.”
The company has been under investigation by the Securities and Exchange Commission, as well as federal criminal investigators. Amid those legal obstacles, Digital World has also faced financial struggles.
The company had aimed to merge with Trump Media and Technology Group, the parent of Truth Social, but has delayed finalizing that deal.
The news comes as Trump faces potential indictment in Manhattan over a hush money payment to a porn star before the 2016 election. Trump was also recently reinstated to social networks such as Twitter and Facebook following a ban over his social media messages during the Jan. 6, 2021, Capitol insurrection, when hundreds of his followers invaded Congress.
This story is developing. Check back for updates.