Trump sues Truth Social co-founders: 'They have too many shares'

Truth Social, Trump takes the two co-founders to court

Donald Trump has filed a lawsuit against the creators of Trump Media & Technology Group (DJT), Andy Litinsky And Wes Moss, concerning a dispute over the ownership of the company's shares. The legal complaint was filed March 24 in a Florida state court. It claims that Litinsky and Moss are not entitled to own 8.6% of the company, citing violations of the company's initial contract.

This lawsuit follows another filed by Litinsky And Moss against Trump in the Delaware Court of Chancery, where they argue that their promised shares in the company are at risk.

Trump Media, which recently began trading on the stock exchange after combining with a special purpose acquisition company (SPAC), has experienced significant price fluctuations. The value of the shares fell by 21% after the announcement of a red of 58 million dollars in 2023 for the social network Truth and warning of financial instability without the capital from the SPAC deal. However, the stock price rebounded, ending the day up 6% from its opening price.

More specifically, in your legal request, Trump accuses the co-founders of not having correctly set up the management structure of the company, of having launched the platform Truth Social inadequately and of not having found a suitable company for the merger. Trump he therefore claims that these errors have damaged the company. In reverse, Litinsky And Moss they argue that Trump's intention was to acquire more shares, thus reducing their percentage of ownership.