Former President Donald Trump sued Truth Social's co-founders, arguing they mismanaged the social media platform early on and should lose their equity in the freshly public firm.
Trump Media & Technology Group Corp. filed papers last week in Florida state court arguing that executives Wes Moss and Andy Litinsky made costly mistakes that delayed the company's coming public and sought a judge to strip them of their shares.
After Trump was banned from Twitter after the Jan. 6, 2021, Capitol incident, the duo, contestants on "The Apprentice," sold him on Truth Social.
At the 2024 Conservative Political Action Conference, former President Donald Trump speaks. Former President Donald Trump speaks at CPAC in National Harbor, Md., on Feb. 24, 2024.Celal Günes/Anadolu/Getty Images "Without President Trump, Truth Social would have been impossible," it said.
The lawsuit, first reported by Bloomberg, stated Moss and Litinsky had to establish corporate governance for the new firm and identify a special purpose acquisition company to take it public and fund it. It stated they failed both tasks.
Wisconsin voters pass two GOP-backed ballot initiatives to reform elections. After Digital World Acquisition Corp. shareholders opted to merge with Trump Media & Technology Group, now Trump Media, the suit was filed March 24. Trump owns most shares.
In February, Moss and Litinsky sued Trump's corporation in Delaware Chancery Court, saying that he was diluting their shares by expanding the firm's permitted shares from 120 million to 1 billion.
Trump Media stock started trading March 26 and reached $79. After falling, it closed at $51.60 on Tuesday. After reporting a $58.2 million net loss on $4.1 million revenue in 2023, the corporation fell.
follow for more upates.