Digital World Acquisition. the SPAC picked to take Donald Trump’s social media company public, today disclosed a series of high-level departures since the end of last month—deepening potential worries for the firm as it struggles to finalize a deal amid regulatory investigations and broader market chaos, Forbes reports.
According to the filing, on Nov. 28 the board received a letter of resignation from Lee Jacobson, who quit as a director. The resignation did not result from any disagreement with the company concerning any matter relating to the company’s operations, policies or practices, according to the filing.
On December 9, board member Rodrigo Veloso resigned, though not as a result from any disagreement with the company, according to the filing. That same day, Digital World CFO Luiz Philippe Braganza resigned.
Both the SPAC and Trump’s media company continue to be the focus of federal investigations into unusual trading activity ahead of the deal announcement, as well as whether Trump’s company and Digital World had any substantive deal discussions before the SPAC’s IPO last year. Read more.