The chief operating officer (COO) of Trump Media & Technology Group (DJT) has resigned, according to a new regulatory filing with the U.S. Securities and Exchange Commission (SEC).
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Andrew Northwall, who had served as COO of Trump Media, quit the company in late September of this year. It’s not clear if he has been replaced in the COO position at the social media company that is modeled after X, formerly known as Twitter.
The departure of the company’s COO is the latest upheaval at Trump Media, which has struggled in recent months with escalating losses and accelerating stock sales following the end of a six month lock-up period imposed after the company went public in March of this year.
More DJT Stock Sales
In the same filing with the SEC, former U.S. President Donald Trump’s social media company announced that it will release nearly 800,000 shares of its stock to an early investor following a court order to do so. Those shares are worth $12.7 million based on the current price of DJT stock.
The stock of Trump Media & Technology Group recently hit an all-time low after lock-up restrictions imposed following its market debut expired. The former president owns about 60% of Trump Media, which runs the Truth Social platform that is a clone of X.
While Truth Social has proven to be popular with Trump’s political supporters, the company behind the social media platform has struggled. In recent months, Trump Media has reported a net loss of $327.6 million and less than $1 million of revenue.
Is DJT Stock a Buy?
No analysts cover DJT stock or offer price targets on it shares. Trump Media stock is currently trading at $16.17 per share, which is 80% below its 52-week high of $79.38 a share. The company went public in March via a special purpose acquisition company (SPAC). Year-to-date, the share price is down 7.60%, as indicated by the chart below.
