Trump sues Truth Social co-founders

Former President Donald Trump has filed a lawsuit against Wesley Moss and Andrew Litinsky, his co-founders of Trump Media & Technology Group, the company behind Truth Social.

Trump sues Truth Social co-founders over alleged mismanagement https://t.co/thhDUSXW6s

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On March 24, Trump and his legal team filed suit in civil court in Sarasota County, Florida, arguing that the media company had been mismanaged and launched inefficiently.

Moss and Litinsky, former contestants on Trump’s reality show The Apprentice, played a crucial role in the creation of Truth Social, the social network launched by Trump himself after he was banned from Twitter following the attack on the Capitol in January 2021.

In his complaint, Trump argues that the two co-founders made several mistakes that led to costly delays and mishandling of the company’s IPO. He therefore seeks to rescind their actions, accusing them of grossly failing to perform their duties and mismanaging the operation in various ways.

Last February, Moss and Litinsky initiated their own lawsuit in Delaware court, alleging that Trump was seeking to reduce the value of their shares by significantly increasing the number of authorized shares within the company.

Trump Media & Technology Group became a publicly traded company following its merger with Digital World Acquisition Corp.

Trump Media shares have also been volatile, reflecting the turmoil within the company.

Reports indicate a loss of $58.2 million and income of $4.1 million for the year 2023.