Stock tied to Trump social firm drops on report of turmoil
ABC News
Shares in a company planning to buy former President Donald Trump’s new social media business plunged Monday on a news report that two key executives have departed
NEW YORK -- Shares in a company planning to buy Donald Trump's new social media business plunged Monday on a news report that two key staff members left, deepening losses from last week when it said it would miss a deadline to file its annual financial statements.
Digital World Acquisition Corp. dropped more than 10% in midday trading on a Reuters report that the chief technology officer and chief products officer had left the company, citing two anonymous sources. Neither executive responded to requests for comment by The Associated Press, but a person close to the company speaking on condition of anonymity because he was not authorized to talk confirmed the two had left.
It was not immediately clear why the head of technology, Josh Adams, and the product chief, Billy Boozer, decided to leave, but the staff turnover comes at a bad time for the company as it struggles to attract subscribers.
The departures follow a filing by the company last week stating that its accountants needed more time to review financial figures before filing its annual report.
