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

Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.

In papers filed last week in Florida state court, Trump Media & Technology Group Corp. argued that executives Wes Moss and Andy Litinsky made a series of costly mistakes that resulted in a long delay in the company’s going public and urged a judge to strip them of their shares in the company.

The pair, who were contestants on Trump's NBC show "The Apprentice," had pitched him on the idea of Truth Social after he was banned from what was then known as Twitter following the Jan. 6, 2021, attack on the Capitol.

"This was a phenomenal opportunity for Moss and Litinsky," the suit says, adding that they were both "riding President Trump's coattails."

"Without President Trump, Truth Social would have been impossible," the filing said.

The lawsuit, first reported by Bloomberg, said Moss and Litinsky were tasked with establishing corporate governance for the new company and finding a special purpose acquisition company that could take the new company public and fuel it with cash. It claimed they failed at both tasks.

The suit was filed March 24, after shareholders in Digital World Acquisition Corp. voted to merge with Trump Media & Technology Group, which is now called Trump Media. Trump is the majority shareholder.

An attorney for Moss and Litinsky's company, United Atlantic Ventures, did not immediately respond to a request for comment Tuesday.

Moss and Litinsky sued Trump's company in Delaware Chancery Court in February, alleging that he was trying to dilute their shares by increasing the total number of authorized shares in the firm from 120 million to 1 billion.

Trump Media shares started trading March 26, and at one point the stock price exceeded $79. It has since fallen, closing at $51.60 on Tuesday. The decline came after the company reported a net loss of $58.2 million on revenue of $4.1 million in 2023.

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by Anonymousreply 20April 3, 2024 4:51 PM

The corruption and grifting continues.


by Anonymousreply 1April 3, 2024 2:00 AM

Despite all the grifting and financial shenanigans that go on in Trumpworld, Trump is still American billionairez point man.

Which just shows what a bunch of grifting con artists America's billionaires really are.

by Anonymousreply 2April 3, 2024 2:05 AM

His M.O. on any of his business deals. He gets people to do the work then sues them so he does not have to pay.

by Anonymousreply 3April 3, 2024 2:14 AM

[quote] His M.O. on any of his business deals. He gets people to do the work then sues them so he does not have to pay.

True, but they're the morons for starting this company "in his honor," in the first place.

These people ingratiate themselves to Trump, thinking that they will win his favor, but he doesn't give a shit about them.

Just like he doesn't give a fuck about MAGATS. He just wants their vote.

It's so bizarre, how people pledge their loyalty to this extremely DISLOYAL person.

by Anonymousreply 4April 3, 2024 2:25 AM

Oh look. Another Trump thread.

by Anonymousreply 5April 3, 2024 2:38 AM

When will Trump have time to be President if he wins? He'll be in court for the rest of his miserable life!

by Anonymousreply 6April 3, 2024 2:45 AM

That's Donny for ya.

by Anonymousreply 7April 3, 2024 2:47 AM

Just when I think he can’t get any more exhausting, he does.

by Anonymousreply 8April 3, 2024 2:58 AM

He's beyond unbearable. How long must we suffer?

by Anonymousreply 9April 3, 2024 3:09 AM

Melania needs to take one for the team and euthanize him in his sleep. Then she and Barron can take whatever money is left, and enjoy freedom.

by Anonymousreply 10April 3, 2024 3:24 AM

R5 24/7 until he is dead. He eclipses an eclipse. I would be valuable if I could filter out anything to do with him from all of my social feeds. Instead, I get sucked in. Just like now.

by Anonymousreply 11April 3, 2024 3:44 AM

Hell - I'll donate to Melania if there's no money left R10. The whole world will. She'll be the richest woman on the planet.

But you're right - we'll never be rid of him until he's dead.

by Anonymousreply 12April 3, 2024 4:50 AM

Oh look another Trump thread.

by Anonymousreply 13April 3, 2024 1:09 PM

Someone had to do it ^

by Anonymousreply 14April 3, 2024 1:15 PM

Color me shocked!

"Donald Trump’s social media company Trump Media managed to go public last week only after it had been kept afloat in 2022 by emergency loans provided in part by a Russian-American businessman under scrutiny in a federal insider-trading and money-laundering investigation.

Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company for a Russian-American businessman named Anton Postolnikov, who co-owns Paxum Bank and has been a subject of a years-long joint federal criminal investigation by the FBI and the Department of Homeland Security (DHS) into the Trump Media merger."

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by Anonymousreply 15April 3, 2024 3:24 PM

What did they expect?

by Anonymousreply 16April 3, 2024 3:40 PM

lie down with dogs, get up with fleas

by Anonymousreply 17April 3, 2024 3:43 PM

As soon as he gets back inside the White House he’ll do this and more

by Anonymousreply 18April 3, 2024 3:59 PM

Unrelated observation: Ozempic?

by Anonymousreply 19April 3, 2024 4:41 PM

Someone did, dipshit R14. See R5.

by Anonymousreply 20April 3, 2024 4:51 PM
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