Donald Trump Sues Co-Founders Of Social Media Site

Donald Trump Sues Co-Founders Of Social Media Site

Former United States President Donald Trump has taken legal action against two co-founders of Trump Media over alleged mismanagement of his social media site, Truth Social……READ ALSO BREAKING: Supreme Court Finds Donald Trump Ineligible For US Presidency (WHAT HAPPENED)

Trump has accused Wes Moss and Andy Litinsky, the co-founders, of mishandling Truth Social and has demanded that they forfeit their shares in the company. Moss and Litinsky had previously filed a lawsuit against Trump in February to prevent him from reducing their 8.6% stake in the firm.

The idea for Truth Social arose after Trump was banned from Twitter, now X, following the Capitol riot. Moss and Litinsky, who met Trump as contestants on NBC’s The Apprentice reality show, pitched the concept. Their shares are currently valued at approximately $600 million (£477 million).

In the lawsuit filed on March 24 in a Florida state court, Trump’s lawyers alleged that Moss and Litinsky, responsible for Trump Media & Technology Group’s daily operations, “failed spectacularly at every turn.”

They claimed that the executives hindered the process of taking Trump Media public, including finding an appropriate merger company. Trump Media & Technology Group (TMTG) is the parent company of Truth Social, which went public last week through a merger with a special purpose acquisition company (SPAC).

In their February lawsuit, Moss and Litinsky accused Trump of attempting to dilute their stake in the firm by increasing the company’s total number of shares from 120 million to 1 billion.

Trump established TMTG in 2021 after being banned from major social media platforms due to his involvement in the January 6 Capitol riot. Moss and Litinsky proposed Truth Social as an alternative to mainstream social media sites and agreed to a deal in which Trump would own 90% of the platform when it was a private company.

Despite facing government investigations and other obstacles in its merger deal, shares in Truth Social soared last week, reaching as high as $79 (£63) after Trump Media went public. However, the stock price has since experienced a significant decline.

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