SPAC founder awarded more shares in Trump Media by judge, Bloomberg reports

Patrick Orlando, who left his leadership roles at Digital World Acquisition Corp. in 2023 and sued it this year, is entitled to almost 8.2M Class A shares of Trump Media & Technology Group, rather than the roughly 7.4M he was allotted, Delaware Chancery Court Judge Lori Will ruled, according to Bloomberg’s Jef Feeley and Bailey Lipschultz. The judge’s decision to award Orlando about 800,000 more shares, based on the finding that the special purpose acquisition company, or SPAC, that brought Truth Social to the stock market had used the wrong stock conversion ratio, does not appear to affect the former president’s shareholding of about 60% in the company, Bloomberg noted.