The Verge: https://www.theverge.com/2024/4/10/24126237/truth-social-digital-world-acquisition-corp-hacking-lawsuit-patrick-orlando-eric-swider-trump-media
Business

The truth social is in danger of being ruined by the hacking lawsuit

admin

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.

In, ,
Previous post Trump did back a federal abortion ban as president
Next post FOXO1 affects CAR T cell stemness and metabolism

More Stories

There have been job gains in March

admin

Kwest Group CEO Ryan Odendahl has said that the company is seeing more project opportunities for its employees, and that young people are starting to see the opportunity in the industry. He added that they need to do a better job as an industry of telling the “great things” happening in construction. The US construction industry created 39,000 jobs in March.

Sam Bankman- Fried was sentenced to 25 years for fraud

admin

Ex-CEO of FTX, Michael Bankman-Fried, was on Monday sentenced to 100 years in prison in US after he was found guilty of siphoning off $8 billion from the company’s customer funds. Judge Lewis Kaplan said the sentence was “appropriate”, adding that Bankman-Fried “has already betrayed many people”. Bankman-Fried has been in jail because prison doesn’t offer a vegan diet.

The Port jobs are at risk after the Baltimore disaster

admin

The Port of Baltimore is the ninth busiest port in the US and handled around 3% of imports along the east and Gulf Coast last year, according to S&P Global Market Intelligence. Disruptions at the port will have consequences and can led to ripple effects, Professor Tinglong Dai at Johns Hopkins University said. He expects the port to become more important in the coming decades.

On the first day of trading, stock surged

admin

Reddit’s initial public offering, the largest ever by an American company, has raised $2 billion in the first-ever IPO by a Chinese firm. The company had confidentially filed for its IPO in October last year. Reddit was founded by a pair of students in 2005 at the University of Virginia and has grown over the years to over 1 million users daily.