Trump sues Truth Social co-founders, says they're not entitled to stock shares

[Social Media]

 

Former President Donald Trump has filed a lawsuit against the co-founders of Truth Social, Andy Litinsky and Wes Moss, alleging mismanagement of the social media platform's early stages and seeking to revoke their stock in the company. The lawsuit, filed in Florida state court, contends that Litinsky and Moss made significant errors that led to delays in Truth Social's public debut, advocating for the removal of their shares in the company.

 

Litinsky and Moss, both former contestants on Trump's reality TV show "The Apprentice," proposed the idea of Truth Social to Trump following his ban from Twitter in the aftermath of the Jan. 6, 2021 Capitol attack. The lawsuit asserts that their involvement was contingent upon Trump's influence, describing them as "riding President Trump's coattails" and suggesting that the platform would not have been feasible without his involvement.

 

Trump's legal action alleges that Litinsky and Moss failed to establish proper corporate governance for Truth Social and were unsuccessful in securing a special purpose acquisition company to facilitate the company's public offering and funding. Trump Media & Technology Group Corp., now known as Trump Media, is the majority shareholder following a merger with Digital World Acquisition Corp., approved by shareholders.

 

Litinsky and Moss had previously sued Trump's company in Delaware Chancery Court, claiming that he intended to dilute their shares by increasing the total number of authorized shares from 120 million to 1 billion. However, Trump's lawsuit in Florida represents a counterclaim, alleging mismanagement and seeking to revoke their ownership stakes.

 

Since its public debut on March 26, Trump Media's stock price has fluctuated, initially exceeding $79 before declining to $51.60 as of Tuesday's closing. The company reported a net loss of $58.2 million on revenue of $4.1 million for 2023, contributing to the volatility in its stock performance. An attorney representing Litinsky and Moss's company, United Atlantic Ventures, did not provide immediate comment on the matter.

 

04.04.24

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[Tug]

That’s our Donnie a trying to defraud his business partners lol 😂 but hey at least he’s consistent!!

[Skipalongcassidy]

1 hour ago, Tug said:

 he’s consistent!!

So are you with that serious case of TDS... HAHAHA

[Tug]

2 minutes ago, Skipalongcassidy said:

So are you with that serious case of TDS... HAHAHA

Trump has earned the title of fraud over a lifetime of ripping folks off if you can’t see that then i suggest you have a strong case of trump delusion syndrome so there ya go!

[Chomper Higgot]

Trump’s obviously keen to get more time in the courthouse.

 

I’m all in favor of him getting great deal more of it.

[Chomper Higgot]

All the best people:

 

https://www.reuters.com/business/media-telecom/investor-company-that-took-trump-media-public-pleads-guilty-insider-trading-2024-04-03/