In Short
- Trump media & technology group, owner of truth social, files a lawsuit against co-founders over ownership shares.
- The legal battle is part of a broader dispute over making trump media and truth social public, impacting trump’s wealth and market dynamics.
- The lawsuit alleges “reckless and wasteful decisions” by co-founders, adding complexity to the ongoing legal saga.
- Explore the legal intricacies and implications of this dispute on the tech industry and trump’s business ventures.
TFD – Dive into the legal saga surrounding Truth Social as Trump Media & Technology Group files a lawsuit against co-founders over ownership shares. Explore the implications of this legal battle on the multibillion-dollar business and Trump’s involvement in the tech industry.
Former President Donald Trump’s company, Trump Media & Technology Group, is the owner of Truth Social. It just filed a lawsuit against two of its co-founders, attempting to get rid of their ownership shares in the multibillion dollar business.
The case represents the most recent development in the legal battle over the attempt to make Trump Media and Truth Social public; this acquisition has increased Trump’s wealth and sparked a frenzy on Wall Street.
On March 24, Trump Media filed a lawsuit against Wes Moss and Andy Litinsky, two of the company’s co-founders who had appeared on Trump’s NBC program “The Apprentice,” in a Florida state court. According to the lawsuit, during the process of starting the business, they made a number of “reckless and wasteful decisions” that had a major negative impact.
The lawsuit claimed that “Moss and Litinsky failed spectacularly at every turn.”
Attorneys for United Atlantic Ventures, the business Litinsky and Moss operate through, declined to be interviewed.
The complaint requests that Litinsky and Moss give over their ownership stake in the business to the court; it was first made public by Bloomberg News.
According to the lawsuit, Litinsky and Moss were supposed to get 8.6 million shares of the new business via United Atlantic Ventures. At the $51.60 closing price on Tuesday, that holding is valued at almost $444 million.
The lawsuit claimed that Moss and Litinsky, two former “The Apprentice” candidates, were “riding President Trump’s coattails” and that this was a “phenomenal opportunity.”
The complaint claimed that Truth Social would not have been possible without President Trump.
Litinsky and Moss had earlier sued Trump in Delaware through United Atlantic Ventures, claiming the former president intended to reduce their ownership in the new business.
Following its IPO last week, Trump Media now has 78.8 million shares. The value of that investment has increased from this Monday’s closing price by $228 million to around $4.1 billion.
– Ramishah Maruf of CNN assisted with this report.
Conclusion
The lawsuit filed by Trump Media against co-founders of Truth Social marks a significant development in the legal battle over ownership shares. This legal saga adds complexity to the efforts to make Trump Media and Truth Social public, impacting market dynamics and Trump’s business interests. Stay tuned for further updates on this unfolding legal drama and its implications for the tech industry and Trump’s ventures.
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