Andrew Northwall, Chief Operating Officer (COO) of the Trump Media and Technology Group (TMTG), officially submitted his resignation to the US Securities and Exchange Commission (SEC) on Thursday. According to the submitted document, Northwall left the company on September 28, 2023. In his announcement on the social media platform Truth Social, he stated: "I am returning to my entrepreneurial journey, where my heart truly lies." With this, he ends the position he held since December 2021.

Parallel to his resignation, Trump Media announced that approximately 800,000 shares were transferred to an early investor, as ordered by a judge in Delaware. The company emphasized that the ratio proposed by ARC Global was significantly higher and therefore the court decision was not fully supported. Nevertheless, parts of the disputed converted common stock held in a trust account were released to ARC according to the court order.

These developments come at a time when Trump Media is trying to consolidate its position in the competitive social media market. Northwall, who previously served as an advisor to the right-wing platform Parler and held various roles within the Republican Party, is considered an experienced tech expert in conservative circles. His resignation could indicate a realignment of his professional goals.

The shares of Trump Media reacted differently to the news. After the filing of the SEC form, the stock rose by 2.28 percent to $16.17 on Thursday and continued its upward trend on Friday, reaching $16.50.