Trump Media Breached Investor Agreement, Must Grant a Larger Share of Its Stock, Delaware Judge Rules

A Delaware judge ruled that Trump Media breached an agreement with investor ARC Global, requiring the company to grant ARC a larger share of its stock. Vice Chancellor Lori Will ruled that Digital World Acquisition Corp. underestimated the stock owed to ARC Global in the merger that took Trump Media public. ARC's Class B shares in DWAC were intended to convert to Class A at an equal ratio following the merger with Trump Media, but the issuance of more Class A shares changed the conversion ratio. The ruling comes just days before ARC and other insiders, including Donald Trump, can sell their shares in the company.