(PatriotSpotlight.org) – Former US President Donald Trump has scaled up his legal action against the co-founders of Truth Social, a social media platform he endorsed, citing mismanagement issues which he says delayed the firm’s public offering. The lawsuit was filed in a Florida state court last week, contending that Wes Moss and Andy Litinsky, both ex-contestants on Trump’s reality program “The Apprentice,” should give up their shares in the firm over their alleged mishandlings.
Court documents claim that Trump Media & Technology Group Corp. posit that Moss and Litinsky’s behavior have caused substantial setbacks in Truth Social’s journey to becoming a publicly traded entity. The lawsuit suggests that the co-founders failed to efficiently oversee the company’s early stages, including securing funding and setting up corporate governance. Trump’s legal team states that Moss and Litinsky, who pitched the Truth Social initiative to Trump following his Twitter ban after the January 6th riot at the US Capitol, squandered a “phenomenal” business opportunity. Despite having his Twitter account restored following Elon Musk’s takeover of the site, Trump continues to post all of his social media commentary to Truth Social.
Bloomberg first reported on the lawsuit, which was filed not soon after shareholders in Digital World Acquisition Corp. merged with Trump Media & Technology Group. Trump is now the main shareholder of the newly launched group. In the wake of the legal actions last week, the attorney acting on behalf of Moss and Litinsky’s company United Atlantic Ventures, did not offer NBC comment.
The pair formerly sued Trump’s company in Delaware Chancery Court, accusing the former President of trying to dilute their shares by dramatically increasing the firm’s total number of shares. The legal row comes amid Truth Social’s recent public debut, resulting in fluctuations in its stocks. While first it soared to more than $79 per share, Trump Media’s stock has since fallen, closing at $51.60 on Tuesday. The firm said it had a net loss of $58.2 million on its 2023 revenue of $4.1 million.
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