Trump attempts to take away the co-founders of Truth Social, his social media platform, by suing them. The lawsuit, filed on March 24 in a Florida state court, claimed that two of Trump's "The Apprentice" competitors, Andy Litinsky and Wes Moss, had neglected to promptly find a merger partner and establish an appropriate governance structure for Trump Media & Technology Group Corp. Donald Trump, the former president of the United States, is suing the co-founders of Truth Social, his social networking platform, claiming that their early mismanagement should have resulted in the loss of their shares in the now-public firm.
The lawsuit, filed on March 24 in a Florida state court, claimed that two of Trump's "The Apprentice" competitors, Andy Litinsky and Wes Moss, had neglected to promptly find a merger partner and establish an appropriate governance structure for Trump Media & Technology Group Corp. It wasn't until a Bloomberg article on Tuesday that the complaint received attention. Litinsky and Moss, who earlier sued Trump in Delaware Chancery Court, alleging the former president attempted to dilute their shares, appear to be pushing back against Trump, according to the Washington Times.
At least on paper, Trump's wealth increased by billions of dollars as a result of Truth Social's merger and newly listed shares. The stock has fluctuated since it dropped more than 20% on Monday due to news of poor Truth Social income. Under lockup rules in the current purchase, Trump is unable to sell his stock in the firm for six months, but he may use the windfall to settle future legal bills.
Following the merging of Trump Media & Technology Group, the parent business of the Truth Social platform, and a shell firm called Digital World Acquisition Corp. in late March, Trump filed the lawsuit. After protracted delays at the center of Trump's lawsuit against partners in Truth Social—the platform the three founded after Trump was barred from major social media for his statements on the January 6, 2021, attack on the U.S. Capitol—the merger was successful.
