In a dramatic turn of events, Patrick Orlando, the former CEO of a special acquisition company (SPAC), has filed a lawsuit against Eric Swider, the new CEO of DWAC, just days before their merger was completed. The complaint, which was filed in Miami federal court, alleges that Swider and Alexander Cano, the president and secretary of DWAC, conspired to oust Orlando in a "coup d'état" scenario.

According to the lawsuit, Swider allegedly enlisted Cano, who was formerly Orlando's assistant at his limited liability company, Benessere Investment Group, to hack into Orlando's confidential files. It is claimed that Swider and Cano broke into Orlando's Mailchimp and DocuSign accounts, stealing valuable information. They then allegedly used this stolen information to send false and defamatory emails to ARC Global Investments II (ARC II), a company in which Orlando also held a managing membership stake.

The lawsuit further suggests that Swider and Cano aimed to discredit Orlando and convince ARC II investors to disregard their own self-interest by voting in favor of a merger that would dilute their ownership percentages. Swider is accused of offering excessive compensation to other directors to gain their support in removing Orlando from his position.

Last July, Swider replaced Orlando as the CEO of DWAC, just four months after Orlando was ousted. Cano, on the other hand, was appointed as the president of the company and received a convertible note worth more than $6 million, converting into 165,000 shares of DWAC's stock.

Despite the legal turmoil, the merger between DWAC and Trump Media, the company behind former President Donald Trump's Truth Social, has been completed, and the company has gone public on the Nasdaq under the ticker DJT. During its initial trading week, the company's market capitalization exceeded $8 billion. However, the stock performance has seen significant declines following the disclosure of substantial losses from operations and limited revenue.

Last week, Trump Media revealed a loss from operations of nearly $16 million in 2023, with interest expenses of $39.4 million, while generating only $4.1 million in revenue. This is in stark comparison to the loss from operations of $23.2 million, with $2 million in interest expenses, on $1.5 million in revenue in 2022.

As of Wednesday's market close, Trump Media's stock had dropped by 8.6%, closing at $34.26 per share, with a market value of $4.52 billion.

The outcome of the lawsuit filed by Orlando against Swider and Cano remains uncertain, but it highlights the tumultuous circumstances surrounding the merger and the subsequent challenges faced by DWAC and Trump Media in the market.