Trump's Truth Social rocked by abrupt departure of top execs as SPAC investigation clouds future: report

According to a report from Forbes, Donald Trump's hope of turning his Truth Social into a social media success story suffered a new huge blow on Friday morning.

The report from Forbes Jonathan Ponciano states that three high-level executives at Digital World Acquisition Corp., a special-purpose acquisition company (SPAC) that is supposed to take the business venture public have quit in the past few weeks.

With the SEC still investigating the SPAC -- holding up the deal and forcing some investors to take their money and run -- Ponciano is reporting that a new filing reveals "a series of high-level departures on Friday since the end of last month."

According to the report, those who have recently taken leave of the company-- or are on their way out -- include "Digital World board member Rodrigo Veloso and chief financial officer Lee Jacobson," who both submitted letters of resignation one week ago.

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The report adds that "board member Luiz Philippe Braganza informed the firm of his departure on November 28."

"The slew of resignations come after another board member, Justin Shaner, abruptly resigned in early November—just days before the company held a crucial meeting to see whether shareholders would approve a measure to extend an early December deadline to complete the acquisition of Truth Social," the report states before adding, "Digital World shares fell 4% in pre-market trading Friday to about $19.20—steepening a decline that has seen the stock lose more than 80% of its value since an all-time high of more than $100 in March."

News of the departures comes just one day after the former president used the social media platform to sell digital trading cards with his image on them -- a move that has been widely derided.

You can read the full report here.