Two co-founders of Trump Media & Technology Group (TMTG), the parent company of the former President’s Truth social network, are being sued by Donald Trump.
Trump reportedly claimed they had improperly set up the company and should lose their stock in the venture independent.
Andy Litinsky and Wes Moss, two former contestants nbc reality show apprentice is a co-founder of the company facing litigation.
TMTG performed well last week when it debuted on the Nasdaq exchange with shares as high as $78, only to plummet a few days later as the company’s massive 2023 losses were revealed.
It continues to lead some to warn that it’s the latest example of a volatile “meme stock” offering with little underlying value.
Litinsky and Moss initially filed suit in Delaware Chancery Court in February in an effort to block Trump’s measures.
In addition, the two also said they would significantly reduce their holdings of a total of 8.6% of TMGT’s shares.
The pair claimed a stake through a 2021 agreement Trump signed with his company, United Atlantic Ventures.
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