Truth Social SPAC Ex-CEO Sued by Investors on Stock Theft Claims

The former CEO of the blank-check company that combined with Donald Trump’s social media platform stole millions of shares by funneling them to offshore shell entities, according to a lawsuit filed by his co-investors.

More than three dozen of the early backers sued Patrick Orlando on Wednesday, saying he secretly transferred about two-thirds of the ownership interest in their jointly held investment entity to affiliates and corporate “alter-egos” based in the Cayman Islands. The entity, ARC Investment Global II LLC, was formed to sponsor the merger between Digital World Acquisition Corp. and Trump Media & Technology Group Corp., which ...