The Verge: https://www.theverge.com/2024/4/10/24126237/truth-social-digital-world-acquisition-corp-hacking-lawsuit-patrick-orlando-eric-swider-trump-media
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The truth social is in danger of being ruined by the hacking lawsuit

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On the Value of Truth Social, a Deeply Inflated Investment Company, and the Timing of Trump’s 2023 Comeback

This lawsuit is the latest development in the legal acrimony between some original employees of the various companies associated with Truth Social, the people who have managed to stick around, and former President Donald Trump himself. Even before Trump’s Truth Social officially launched in early 2022, DWAC was beset by investigative probes, insider trading, and petty infighting. The company, which began trading publicly last month, is valued at over $5 billion despite reporting just over $4 million in revenue in 2023. If employees of the company can hold onto their shares, they will make millions of dollars, and this wildly inflated valuation hangs over some recent lawsuits.

According to the suit, at some point in 2023, it was found out that he had been locked out of the Box Account and that he had taken complete control of the account. “Cano without authorization accessed files, including, without limitation, files containing all information with regard to all investors as well as all financial and other confidential information not only of ARC II but also of Benessere.” The suit claimed that Swider was given the “stolen information” by Cano.

Orlando’s tenure at DWAC was indeed a rocky one. The SEC and federal criminal investigators were behind the delays in the proposed Trump Media-DWAC merger. CNBC reported that those delays cost DWAC $100 million.

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