Trump's social media company sues co-founders, seeks to forfeit their shares

  • 📰 ABC
  • ⏱ Reading Time:
  • 68 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 51%

United States Headlines News

United States Latest News,United States Headlines

Trump Media & Technology Group filed the lawsuit in a Florida court.

Republican presidential candidate and former U.S. President Donald Trump attends the 2024 Senior Club Championship award ceremony at his Trump International Golf Club in West Palm Beach, Florida, U.S. March 24, 2024. REUTERS/Marco BelloTrump Media & Technology Group is attempting to force two of the company's co-founders to forfeit their shares and give up any claim to the company's leadership.

Trump's social media company filed the lawsuit against Wesley Moss and Andrew Litinsky -- co-founders and former Apprentice contestants -- in a Florida court on March 24, two days after shareholders overwhelmingly voted toThe lawsuit alleges that Moss and Litinsky "failed spectacularly" in their leadership of Trump Media, made "reckless and wasteful decisions," and caused "significant damage" to the company.

Trump Media asked a Florida court to force the co-founders to forfeit their shares of the company, declare that the two have no right to appoint members to the company's board, and award damages for their breach of their fiduciary duty. "TMTG has been forced to file this action to remedy the harm inflicted upon it by two faithless fiduciaries and a company they own -- Wesley Moss, Andrew Litinsky, an -- and to halt their ongoing attempts to do even more damage," the filing said.

Republican presidential candidate and former U.S. President Donald Trump attends the 2024 Senior Club Championship award ceremony at his Trump International Golf Club in West Palm Beach, Florida, U.S. March 24, 2024. REUTERS/Marco BelloThrough their company United Atlantic Ventures, Moss and Litinsky sued Trump Media in February for attempting to dilute their shares in the company.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 471. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump Sues Co-Founders of Trump Media & Technology GroupFormer President Donald Trump has filed a lawsuit against two co-founders of Trump Media & Technology Group, claiming that they should give up their stock in the company due to improper setup.
Source: WashTimes - 🏆 235. / 63 Read more »

Truth Social parent company Trump Media & Technology Group to become publicly traded companyEXCLUSIVE: Shareholders voted Friday to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded entity, Fox News Digital has learned.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Trump Media & Technology Group Corp Stock Price Today | NASDAQ DJT Live TickerView today's Trump Media & Technology Group Corp stock price and latest DJT news and analysis. Create real-time notifications to follow any changes in the live stock price.
Source: Investingcom - 🏆 450. / 53 Read more »

Trump Media & Technology Group lost $58m last year, shares sinkTrump Media & Technology Group lost $58m last year, shares sink
Source: Investingcom - 🏆 450. / 53 Read more »

Trump Media & Technology Group lost $58m last year, shares sinkTrump Media & Technology Group lost $58m last year, shares sink
Source: Investingcom - 🏆 450. / 53 Read more »

Trump Media & Technology Group stock falls more than 21% after disclosure of $58M loss for 2023Less than a week after a flashy stock market debut, Donald Trump's social media company on Monday disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%.
Source: WashTimes - 🏆 235. / 63 Read more »