Trump Media & Technology Group, owned by former President Donald Trump, has filed a lawsuit against two of its co-founders, Andy Litinsky and Wes Moss, in an attempt to eliminate their stakes in the multi-billion dollar company. The lawsuit is the latest development in the legal battle surrounding Trump Media’s efforts to take the company public and has significantly increased Trump’s net worth.
The lawsuit, filed on March 24 in Florida state court, accuses Litinsky and Moss of making “reckless and wasteful decisions” during the company’s setup that caused significant damage. The lawsuit alleges that Litinsky and Moss failed to succeed in their responsibilities, leading to negative consequences for the company. Litinsky and Moss were set to receive 8.6 million shares in the company through United Atlantic Ventures, with their stake valued at approximately $444 million at the current market price.
Litinsky and Moss had previously filed their own lawsuit in Delaware against Trump, claiming that he was planning to dilute their stake in the company. Despite the legal challenges, Trump Media went public last week, with Trump holding a significant stake in the company valued at about $4.1 billion, representing an increase of $228 million from the previous closing price. The lawsuit filed by Trump Media seeks to remove Litinsky and Moss from the company and secure their return of their stake.
The lawsuit marks a significant chapter in the ongoing legal battle surrounding Trump Media’s efforts to go public and become a major player in the media and technology industry. Trump’s involvement in the company has generated a great deal of interest and controversy, with the legal disputes with Litinsky and Moss adding to the drama. The outcome of the legal proceedings will have a major impact on the future of Trump Media and its potential for growth and success in the industry.
The lawsuit against Litinsky and Moss highlights the challenges and conflicts that can arise in high-stakes business ventures, particularly those involving powerful and influential individuals like Trump. The legal battles between the co-founders and Trump Media raise questions about corporate governance, financial responsibility, and the complexities of managing a multi-billion dollar company. The legal proceedings will shed light on the inner workings of Trump Media and the dynamics between its key stakeholders.
Despite the legal challenges, Trump Media and Truth Social have garnered significant attention from investors and the public, with the company’s initial public offering creating a frenzy on Wall Street. The company’s efforts to establish itself as a major player in the media and technology industry have captured the interest of many, and the outcome of the legal disputes will shape its future trajectory. The lawsuit against Litinsky and Moss represents a critical moment in Trump Media’s journey and will determine the company’s direction moving forward.
