Trump Media & Technology Group announced Friday that Eric Swider has stepped down from his position on the company’s board of directors.
Swider played a pivotal role in the company’s journey to becoming publicly traded, serving as chief executive of Digital World Acquisition Corp, the special purpose acquisition company that completed its merger with Trump Media in 2024. The merger process experienced significant delays as regulators examined the deal.
Digital World Acquisition Corp reached a settlement with federal securities regulators in 2023 regarding fraud allegations. The charges centered on claims that the company failed to properly inform investors about its pre-existing plans to merge with Trump Media, discussions that occurred prior to the company’s own stock market debut.
According to Trump Media’s statement, Swider’s departure was not the result of any disagreements with company leadership or fellow board members.
The parent company of Truth Social has encountered difficulties expanding its media operations while competing against established social media giants and dealing with inconsistent user engagement numbers.
Former President Donald Trump regularly utilizes the Truth Social platform for significant political statements and personal updates, including his 2024 campaign announcements and commentary on international events such as coordinated military actions involving the United States and Israel against Iran.
