Former US President Donald Trump has reportedly filed a lawsuit against the co-founders of Truth Social, claiming they should give up their stake in the recently floated business due to their mismanagement of the social media network. nbc news.
Truth Social’s IPO went public on March 26, and the lawsuit was filed on March 24. Trump Media & Technology Group Corp. asked a judge to strip executives Andy Litinsky and Wes Moss of their company stock, claiming they were costly The mistake resulted in the company’s IPO being delayed. Those arguments were made in documents filed in a Florida court last week. According to Bloomberg, the former president claimed both men had breached agreements regarding the setup and were “not worthy of their 8.6% stake, currently worth $606 million.”
The pair had participated in Trump’s NBC show “The Apprentice” and proposed the concept of Truth Social to him after Trump was banned from Twitter after the attack on the Capitol on January 6, 2021. “This is an extraordinary opportunity for Moss and Litinsky,” and they both “ride on President Trump’s coattails.” It added, “Truth Social would not be possible without President Trump.”
According to the lawsuit, the two were entrusted with creating the new company’s corporate governance and finding a special purpose acquisition company that might help it go public and raise capital. They were unsuccessful both times, the lawsuit says.
In February, Moss and Litinsky filed a lawsuit against Donald Trump’s business in Delaware Chancery Court, claiming that Trump tried to increase the company’s total authorized shares from 120 million shares to 1 billion shares. to reduce the value of their shares.
