Tags: donald trump | truth social | tmtg | lawsuit | stock

Trump Sues 2 Trump Media Co-founders, Seeking to Void Their Stock

Tuesday, 02 April 2024 09:32 PM EDT

Donald Trump is suing two co-founders of Trump Media & Technology Group, the newly public parent company of his Truth Social platform, arguing they should forfeit their stock in the company because they set it up improperly.

The former president's lawsuit, which was filed March 24 in Florida state court, follows a complaint filed in February by those co-founders, Andy Litinsky and Wes Moss. Their lawsuit sought to prevent Trump from taking steps the two said would sharply reduce their combined 8.6% stake in Trump Media. The pair filed their lawsuit in the Delaware Court of Chancery.

Trump's lawsuit claims Litinsky and Moss, who were both contestants on Trump's reality-TV show "The Apprentice," mishandled an attempt to take Trump Media public several years ago, allegedly putting the whole project "on ice" for more than a year and a half.

But it also targets the pair over their Delaware suit against Trump, saying it was one of several attempts they made to block Trump Media's ultimately successful plan to go public. Trump Media accomplished that goal by merging with a publicly traded shell company called Digital World Acquisition in March.

Trump Media shares have fluctuated wildly since its stock market debut. The stock closed Tuesday at $51.60, up 6%, valuing the entire company at $5.9 billion.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


US
Donald Trump is suing two co-founders of Trump Media & Technology Group, the newly public parent company of his Truth Social platform, arguing they should forfeit their stock in the company because they set it up improperly.
donald trump, truth social, tmtg, lawsuit, stock
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2024-32-02
Tuesday, 02 April 2024 09:32 PM
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