The company behind Trump Media & Technology Group is in the midst of a legal battle with its biggest investor, ARC Global Investments II, as they seek to force a favorable vote for a critical deal before an upcoming deadline. Digital World Acquisition Corp. is locked in a dispute with its former chairman, Patrick Orlando, who still wields significant influence over the company through his control of ARC’s voting shares.
In a lawsuit filed in New York state court, Digital World insists that ARC must vote in favor of the merger according to a 2021 agreement made during the special purpose acquisition company’s initial public offering. The merger, if approved, could result in a windfall of up to $4 billion for former President Donald Trump, who is currently facing numerous legal challenges.
Despite Orlando’s objections regarding the allocation of stock to ARC shareholders in Trump Media & Technology Group, Digital World remains steadfast in their pursuit of the merger. Orlando, who still serves on DWAC’s board, has not yet commented on the lawsuit.
In addition to the legal battle in New York, Digital World and Trump Media have also taken legal action against Orlando in Florida over the deal. The shareholder vote on DWAC’s proposed acquisition of Trump Media is set for March 22, surviving a previous attempt by Trump Media co-founders to delay the vote due to concerns over diluted ownership.
As the battle continues to unfold, it remains to be seen how the outcome will impact the future of Trump Media & Technology Group and its stakeholders.
For more updates on this ongoing story, be sure to stay tuned for further developments.
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