Trump Media execs forced out after complaining about CEO Devin Nunes: report
Top executives at former President Donald Trump’s media company have reportedly been forced out of their jobs in retaliation for coming forward with complaints that CEO Devin Nunes was mismanaging the firm.
Nunes, the former Republican congressman who was tapped as CEO of Trump Media and Technology Group, was the subject of an anonymous “whistleblower” complaint that was sent to the company’s board of directors,
The complaint reportedly alleged that Nunes, who has been branded a “proverbial loser” by Ken Griffin’s Citadel Securities after the market maker was blamed for Trump Media’s sagging stock priceđ, misused funds, hired foreign contractors and interfāŧered with product development.
Forđmer employees of the company that operates the Truth Social platform claimed that the chief operating officer, Andrew Northwall, and chief product officer, Sandro De Moraes, were forceđd out in retaliation, according to the ProPublica report.
Two other lower-level staffers also left the firm. The company disclosed the departure of the COO in a filing with the SęĻecurities and Exchange Commission on Thursday.
Northwall resigned from Trump Media late last month, according to the SEC filđĻing, adding that the company plans to âtransition his duties internally.â No further details were provided about the resignation.
He joined the company in Decemđ ber 2021, according to his LinkedIn pageęĻ.
On Truth Social, Northwall wrote on Thursday that he had “decided to resign from my role at Trump Media.” He added that he was “incredibly grateful” to Trump and Nunes “for this opportunity.”
ęĻâAs I step back, I look forward to focusing more on my family and returning to my entrepreneurial journey,â the statement said.
De Moraes has not commented publicly, though he did change his Truth Social status in his bio to “Former Chief Product Officer” of Trump Media.
Trump Media by accusing the news outlet of waging “an increasingly absurd campaign … likely at the behest of political interest groups, to damage” the company “based on false and defamatory allegations and vague innuendo.”
The company said the ProPublica story âutterly fabricates implications of improper and even đillegal conduct that have no basiđs in reality.â
“TMTG strictly adheres to all laws and applicable regulations,” the company said.
Nunes, a top Trump ally during his presidency, was named CEO of Trump Media iđĻn 2021. According to ProPubliđĻŠca, the company hired a lawyer to investigate the whistleblower claims and to interview staffers.
Last week, emāŊ§ployees who were interviewed by the lawyer were told that they were being pusđ°hed out, according to the report.
A human resources directorāļŖ and a producer īˇŊdesigner were among those who were forced out alongside Northwall and De Moraes, ProPublica reported.
The employees were asked to sign an agreement pledging not to make publiđc claims of wrongdoing against the company in exchange for severance packages.
Shares of Trump Media have been considered a meme stock by some market experts, which is a nickname given to stockđēs that get caugđht up in buzz online and shoot way beyond what traditional analysis says theyâre worth.
The stock has fluctuated for several months, with trading largely đdriven by individual investors who are typically considered less sophisticated than day tradđers.
Late last month, Trump Mediaâs stock fell to its lowest level ever on the first trading day that its biggest shareholder, Trump, was free to sell his stake in the company behind the Truth Social platform.
Trump Media, whose shares are commonly called TMTG, started trađding publicly in March. When the company made its debut on the Nasdaq in March, the shares hit a high of $79.38.
SęĻhares of Trđ´ump Media & Technology rose 2% to close at $16.50 on Friday.
With Post wires