April 23, 2024

Trump Media sues co-founders alleging former ‘Apprentice’ contestants’ stock ownership claim is void

Trump Media &amp, Technology Group ( TMTG ) is suing two Truth Social co- founders, arguing they are not entitled to the 8. 6 % stake in the company they claim to own.

Wesley Moss and Andrew Litinsky, former” Apprentice” contestants, filed a lawsuit last month in Florida court against former” Apprentice” contestants under the terms of an agreement between the co-founders and Trump himself, which allegedly stipulated ownership.

Trump Media and Technology Group ( TMTG ) went public last week, increasing its stock price by about$ 8 billion in its debut on the Nasdaq. ( Anna Barclay/Getty Images / Getty Images )

The lawsuit is in response to a previous lawsuit brought by Moss and Litinsky in Delaware, in which Moss and Litinsky claimed TMTG attempted to inadequately reduce their stake.

TMTG’s filing says a service agreement between the former president and Moss and Litinsky’s company, United Atlantic Ventures ( UAV ), granted UAV 8. 6 million shares in the new social media firm and granted Trump 90 million. But TMTG argues Moss and Litinksy’s states are “baseless”, saying that TMTG was not a party to the contract.

TRUMP’S TRUTH SOCIAL LOST$ 58 Billion IN 2023, AND THE STOCK IS TAKING A Strike

The Truth Social parent company claims that Moss and Litinksy, who were TMTG’s original de facto directors, “failed magnificently” in delivering on its release and “made a number of foolish and useless decisions at a crucial time that significantly harmed TMTG and resulted in a decrease in the share price of its merger partner. “

Moss and Litinksy, according to TMTG, failed to make their stocks and are seeking to revσke their possession.

Ticker Security Last Change Change %
DJT Republican MEDIA &amp, TECHNOLOGY GROUP CORP 48.43 -3.17 -6.14%

Trump Media &amp, Technology Group

A Delaware judge requested on Monday that the parties hold a hearing this month to decide whether they should get the 8. 6 % play the two claim to be owed.

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Through a merger with a special purpose acquisition company, Digital World Acquisition Corp. ( DWAC ), TMTG went public last week, and its market cap increased to$ 8 billion in its debut.

Trump, the presumptive 2024 ƓOP presidential candidate, holds 78. 7 million shares in the social media organization.

The press firm of former president Trump is fighting legal action against two of his Truth Social co-founders. ( REUTERS/Dado Ruvic/Illustration / Reuters Photos )

Trump launched Truth Social in February 2022, a year after he was banned from programs such as therefore- Online, now- X, Facebook, and Instagram, following Jan. 6, 2021. Those restrictions have since been lifted.

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Trump agreed to work with Moss anḑ Litinsky to create a new social media page after being de-platformed.

Reuters contributed to this statement.


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