April 23, 2024 2:32 pm
Lawsuit Filed by Donald Trump Against Co-Founders of Trump Media & Technology Group, Andy Litinsky and Wes Moss

In a recent development, Donald Trump has filed a lawsuit against Andy Litinsky and Wes Moss, co-founders of Trump Media & Technology Group, the parent company of Truth Social. The lawsuit claims that Litinsky and Moss should forfeit their stock in the company due to improper setup.

Litinsky and Moss had previously filed a complaint in February to prevent Trump from reducing their combined 8.6% stake in the company, filing their lawsuit in the Delaware Court of Chancery. However, this did not stop the ongoing legal battle between the two parties.

Trump’s lawsuit accuses Litinsky and Moss of mishandling an attempt to take Trump Media public years ago. This alleged mishandling caused a delay in the project for more than a year and a half. Additionally, Trump’s lawsuit criticizes Litinsky and Moss for their Delaware suit against him, which aimed to block Trump Media’s successful plan to go public by merging with Digital World Acquisition.

Despite this legal battle, Truth Social has been experiencing success since its market debut. Most recently, the stock closed at $51.60, up 6%, valuing the company at $5.9 billion. Despite this success, litigation between Trump and Litinsky/Moss continues to be a point of contention within the industry.

Overall, it remains to be seen how this legal battle will unfold in the coming months as both parties continue to fight over ownership rights within Truth Social’s parent company.

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