Trump Sues Truth Social Co-Founders, Seeks to Eliminate Their Shares

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Donald Trump sued two of his co-founders at Truth Social, which went public in late March.

Trump Media & Technology Group , the parent company of Truth Social, filed a lawsuit in Florida state court againstTuesday, accusing them of making a “series of reckless and wasteful decisions at a critical time” that caused “significant damage” to the company and a “decline in the stock prices of its merger.”

The suit alleges that Litinsky and Moss “failed spectacularly” at running day-to-day operations, including failing to set up Trump Media’s corporate governance structure, launch the Truth Social platform, and find a publicly traded merger partner. The suit argues that Litinsky and Moss — who were to receive 8.6 million shares in the new company, through United Atlantic Ventures — should be wiped of their stake.

Although Trump will not be allowed to sell his shares in the company for at least six months, the valuation of Truth Social could become a crucial financial lifeline in his struggle to pay off a mountain of legal expenses stemming from his plethora of civil and criminal court cases.

 

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