Donald Trump’s Truth Social Cuts Staff as SPAC Languishes

The company behind former President Donald Trump's has trimmed staff while awaiting regulatory approval for a merger that offers a financial lifeline, according to two people with knowledge of the matter, Bloomberg reports.

Trump Media & Technology Group, Truth Social's parent company, laid off about half a dozen people, including senior members of its ranks, such as Chief Technology Officer William “BJ” Lawson, according to the people, who asked not to be identified because the information is private. Lawson was the third person to hold the role at the company. Some close to Trump Media estimate it can fund operations through September at present spending levels, according to the people. 

The company is in a still-pending merger with Digital World Acquisition, which has seen its own exodus of executives and board members over the last year. The SPAC's deadline for completing the deal was extended until September after multiple attempts at mustering enough shareholder votes to pass the measure. Read more.

Source: Donald Trump's Truth Social Cuts Staff as SPAC Languishes