BREAKING: President Trump Files Surprise Lawsuit Against Truth Social Co-Founders

In a surprising move, President Trump has just filed a lawsuit against two co-founders of Trump Media & Technology Group Corp — the parent company of his social media platform Truth Social.

Trump is suing Andy Litinsky and Wes Moss for improperly setting up the company.

The lawsuit claims that Litinksy and Moss violated the terms of their agreement, thereby disqualifying them from owning any company stock.

Check out the breaking news:

🚨 REPORT: Donald Trump has filed a lawsuit against two Truth Social co-founders, accusing them of improperly setting up the company thereby disqualifying themselves from owning any stock.https://t.co/0Kw5pFffcE

— Proud Elephant 🇺🇸🦅 (@ProudElephantUS) April 2, 2024

Donald Trump has ramped up a battle over shares in his newly public Trump Media & Technology Group with a lawsuit against his co-founders, claiming they violated an agreement and shouldn’t get any stock in it at all https://t.co/LmqR49USMY

— Bloomberg Markets (@markets) April 2, 2024

Bloomberg reported on the lawsuit:

Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.

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In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million.

The lawsuit, which was filed on March 24 in Florida state court and hasn’t previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company.

The legal fight is playing out amid wild swings in shares of Trump Media, which began trading last week after it merged with a special purpose acquisition company, known as a SPAC. The stock dropped 21% Monday after Trump Media disclosed in a securities filing a $58 million loss and a relative trickle of revenue for 2023, and reiterated a warning that it needed the money from the SPAC deal to keep operating.

The stock was up 6.1% at $51.63 at 3:53 p.m. in New York on Tuesday.

Trump claims Litinsky and Moss failed to properly set up the corporate governance structure of Trump Media, launch his Truth Social platform and find an appropriate merger partner. That failure hurt the company, he argues. He says they then “began ceaseless attempts to thwart” the blank check deal in the struggle for their respective stakes. In their own suit, the two say Trump was planning to seek millions of extra shares, diluting their stake.

Trending Politics added some additional insight:

Former President Donald Trump has initiated a legal battle against two co-founders of the Trump Media & Technology Group Corp. The company is the parent of the social media platform Truth Social which recently went public.

The lawsuit, filed on March 24 in Florida state court, alleges that Andy Litinsky and Wes Moss, the co-founders in question, improperly set up the company thereby disqualifying themselves from owning any stock. Trump’s legal team argued that Litinsky and Moss violated the agreed terms during the company’s formation and, as a result, do not deserve to hold their 8.6% stake, valued at a whopping $606 million according to Bloomberg Law.

The legal confrontation is not a one-sided affair, however. Litinsky and Moss had previously brought a lawsuit against Trump in the Delaware Chancery Court, claiming they were promised a stake in the social media company which they have yet to receive.

Adding to the drama is the volatile performance of Trump Media’s stock. After merging with a special purpose acquisition company (SPAC), the stock has experienced wild fluctuations. A recent securities filing disclosed a concerning $58 million loss for the company in 2023, along with a “relative trickle of revenue.”

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