A little over a week ago, Trump Media Technology Group, which owns Donald Trump's social media platform, Truth Social, It became a public joint stock company. Around the same time, Trump Media launched a lawsuit against the platform's co-founders, claiming that they damaged the company's value by botching key parts of its business operations and the process of going public. As such, the lawsuit seeks to void their stake in the company, which is currently valued at approximately $606 million.
Trump Media's lawsuit, filed March 24, against Andy Letinsky and Wes Moss, Two former contestants On Trump's reality show the Apprentice, Who somehow became the co-founders of Republican candidate President Technology Company. The lawsuit accuses Letinsky and Moss of having “failed spectacularly at every turn” in their management of the company. Specifically, the lawsuit says that the duo made “reckless and wasteful decisions,” and that they did not find the right partner For general integrationAnd that when the merger took place, they “began persistent attempts to thwart” the deal in an attempt to bargain for their stake in the company.
In fact, Letinsky and Moss sued Trump first. In February, Trump Media A lawsuit was filed against United Atlantic Ventures, An entity formed by the two co-founders, Trump accused Media of a “false maneuver at the eleventh hour…” in an attempt to dilute their shares in the company. The lawsuit was filed in Delaware.
Trump's lawsuit is not actually a matter of counterclaims against Moss and Litinsky, as you might expect, but a separate lawsuit filed in Florida rather than in the same Delaware court where the founders filed their suit. The associate judge in the Delaware case, Sam Glasscock III, said he was “shocked” by Trump's decision to file a separate lawsuit. Bloomberg writes.
Since Truth Social has been released to the public via Long-awaited SPAC deal, the value of the company's shares went up and down in extreme fluctuations. it has been Widespread speculation That cash infusion from Truth Social could help Trump pay off a massive pile of legal bills. It was Trump I ordered recently To pay $454 million to settle a fraud case in New York and It received $175 million in bonds While he awaits an appeal of the decision. It was so Order to pay Writer E. Jean Carroll $83.3 million in defamation suit.
Gizmodo has reached out to Trump Media Technology Group Corp for comment, and will update this story if any of them respond.
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