Trump Media COO quits; DJT turns over more shares to SPAC investor in court fight

• Trump Media Chief Operating Officer Andrew Northwall resigned in late September, the company revealed.
• Former President Donald Trump's social media company also said it will release nearly 800,000 shares of its stock to an early investor, in accordance with a recent court order.
• Trump is the majority shareholder of Trump Media, which operates the Twitter-esque social media platform Truth Social.

Trump Media Chief Operating Officer Andrew Northwall resigned in late September, the company revealed in a regulatory filing Thursday.

In the same filing, former President Donald Trump's social media company announced that it will release nearly 800,000 shares of its stock to an early investor in accordance with a recent order by a Delaware judge.

At Thursday's closing price, those shares would be worth around $12.7 million.

The company, which trades on the Nasdaq as DJT, provided no explanation for Northwall's resignation, but said it "plans to transition his duties internally."

The filing with the U.S. Securities and Exchange Commission made no direct connection between the development in the Delaware lawsuit and the executive's departure.

In mid-September, Delaware Chancery Court Judge Lori Will ruled that Trump Media breached an agreement with ARC Global Investments II, a so-called sponsor of the business merger that took the company public.

The legal dispute centered on competing claims about how to calculate the number of Class A shares that ARC was owed once Trump Media combined with the blank-check firm Digital World Acquisition Corp., or DWAC.

Will ruled that the stock-conversion ratio put forward by DWAC was too low, and that ARC was therefore entitled to more shares.

Trump Media noted in Thursday's SEC filing that