The COO of Truth Social, Andrew Northwall, has left the company, according to a recent regulatory filing with the SEC. The filing also revealed that Trump Media & Technology Group Corp., the parent company of Truth Social, must release nearly 800,000 shares to an investor, ARC Global Investments II.
According to a report by ProPublica covering the recent departures of Northwall and other executives from the company, they were apparently ousted by CEO Devin Nunes, a Trump-supporting former congressman from California, after sending a “whistleblower” complaint to the company’s board of directors concerning his alleged mismanagement of the company. On Thursday afternoon, Northwall announced on Truth Social that he had “decided to resign from my role at Trump Media” and was grateful to Trump and Nunes “for this opportunity.”
A political consultant based in Nebraska known in the state’s GOP circles, Northwall worked at Parler, another right-wing social media platform, before joining Truth Social. Earlier this year, ProPublica revealed that Northwall had pressured a Nebraska congressman on behalf of Truth social to expedite a visa for a foreign executive of the company, Vladimir Novachki, who became Trump Media’s chief technology officer last year after moving to Florida, where Trump Media is based. A native of North Macedonia, Novachki was hired in part due to lower salary demands compared to American candidates for the job, according to an anonymous source with knowledge of the matter. Both Novachki and Northwall were revealed to have sold an undisclosed amount of stock in the company in September. The New York Times estimates that Northwall’s stock in the company was worth about $1 million when the company went public in March.
Donald Trump founded Truth Social after his X account (formerly Twitter) was shut down following the Capitol Hill insurrection on January 6th 2021. At its peak, the company stock price reached $79.38 a share, with Trump’s stake estimated at more than $5 billion at that time. The company has struggled to reach profitability, as it reported $58.2 million in losses and generating only $4.1 million in revenue last year. Last month, on the first day that Trump could sell shares of Trump Media & Technology Corp. following a mandatory 6-month waiting period after it went public, the stock hit a new low, indicating a strong possibility that Trump and other executives held by this waiting period immediately liquidated part of their positions.
The stock’s price as of Friday is $16.20 a share. Despite the drop in value and lack of profitability, Truth Social remains an important investment for Trump, with his current stake in the company estimated to be worth around $2 billion.
