Trump Media Board Member Reportedly Hacked Truth Social Parent Executive In Attempted Corporate Coup
Portfolio Pulse from Benzinga Neuro
A board member of Trump Media & Technology Corp (NASDAQ:DJT), Eric Swider, is implicated in a lawsuit for allegedly hacking and attempting a corporate coup against Patrick Orlando, the architect of the deal to take Truth Social public. The lawsuit, filed in the Southern District of Florida, accuses Swider and others of unlawfully accessing computer systems and files to oust Orlando. This legal battle adds to the challenges faced by Truth Social and its parent company, which despite legal and financial hurdles, went public last month with a valuation over $5 billion.
April 11, 2024 | 2:43 am
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Trump Media & Technology Corp, implicated in a hacking lawsuit, faces legal challenges that could impact investor sentiment and stock performance.
The lawsuit against a board member for hacking and attempted corporate coup adds significant legal challenges to Trump Media & Technology Corp. Such controversies can negatively affect investor sentiment, potentially leading to a decrease in stock price in the short term. Given the company's recent public debut and the high valuation despite low revenues, the stock is likely sensitive to negative news.
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