Disgraced former president sues in attempt to steal Truth Social co-founders’ stock

Source: New York Post

“Donald Trump sued two of his fellow co-founders of his newly public Trump Media & Technology Group Corp. (TMTG) alleging that because they set the company up improperly they aren’t entitled to any stock in it. The lawsuit filed late last month in Florida state court claims Andy Litinsky and Wes Moss — who were both contestants on Trump’s NBC reality TV series ‘The Apprentice’ — violated an agreement about the setup of TMTG and don’t deserve their 8.6% stake. Their shares are currently valued at a collective $606 million, according to Bloomberg. … The stock dropped 21% on Monday alone after TMTG disclosed in a securities filing that it suffered a $58 million loss in 2023 and needed money from Trump’s blank-check firm in order to keep operating — a performance that fueled skepticism about its roller-coaster IPO launch that led experts to dub it another ‘meme stock’ like AMC and GameStop.” (04/03/24)