Trump Media merger partner loses board member days before pivotal shareholder meeting

A South Florida existent property enforcement has discontinue the committee of Digital World Acquisition Corp., the blank-check institution that agreed to instrumentality erstwhile President Donald Trump's media institution public, according to a securities filing Wednesday.

Justin Shaner, the CEO of Shaner Properties successful the Miami-Fort Lauderdale area, resigned from DWAC's committee of directors Friday, the filing said.

The determination came days earlier DWAC's shareholder meeting, which is scheduled for Nov. 22. DWAC's CEO, Patrick Orlando, has adjourned the gathering aggregate times successful caller months arsenic helium seeks shareholder support to hold his company's merger with Trump Media and Technology Group, which owns the Truth Social app, by astir a year.

The DWAC-Trump Media woody is being investigated by national prosecutors and regulators. Will Wilkerson, a erstwhile Trump Media executive, turned implicit documents to the Securities and Exchange Commission and filed a whistleblower complaint, claiming misrepresentations by the companies.

DWAC volition apt liquidate if the merger deadline isn't delayed by aboriginal December.

Shaner didn't instantly instrumentality a petition for comment, nor did DWAC. "The resignation of Mr. Shaner did not effect from immoderate disagreement with the Company concerning immoderate substance relating to the Company's operations, policies oregon practices," DWAC said successful Wednesday's filing.

Shaner was a committee subordinate connected different Orlando-run blank-check company, Benessere Capital Acquisition Corp., which is besides nether probe by national authorities successful transportation to probes into DWAC. In June, Benessere and immoderate of its directors were subpoenaed by the SEC and a national expansive assemblage successful the Southern District of New York, according to filings.

Benessere said successful October that it would liquidate aft a merger woody with different company, eCombustible Energy, fell through. Benessere had said the SEC's probe delayed its registration statement, according to securities filings. Trump Media has besides blamed regulators for the hold of its merger with DWAC.

Shares of DWAC fell 16% to $21.29 Wednesday, the time aft Trump announced helium would tally for president successful 2024. The banal is good disconnected its precocious for the year, $101.87, which it deed successful March.

Trump himself is nether national transgression investigation, portion his main business, the Trump Organization, is connected proceedings successful New York.

He founded Truth Social aft helium was banned from Twitter for his posts connected Jan. 6, 2021, erstwhile hundreds of his supporters attacked the U.S. Capitol successful an yet failed effort to overturn Joe Biden's triumph successful the 2020 election. New Twitter proprietor and CEO Elon Musk has said helium would fto Trump backmost connected the societal network, wherever the erstwhile president had astir 88 cardinal followers. He has astir 4 cardinal followers connected Truth Social.

– CNBC's Dan Mangan contributed to this report.