Donald Trump Sues Truth Social Co-Founders, Accuses Them Of Mismanagement

The lawsuit added, "Without President Trump, Truth Social would have been impossible."

Former US president Donald Trump has filed a lawsuit against the co-founders of Truth Social, claiming that they should forfeit their shares in the recently public business due to their mismanagement of the social media network, as per a report in NBC News.

The IPO of Truth Social went public on March 26 while the lawsuit was filed on March 24. Trump Media & Technology Group Corp. requested a judge strip executives Andy Litinsky and Wes Moss of their company shares, claiming that their costly errors caused the company's IPO to be delayed. The arguments were presented in papers filed last week in a Florida state court. The former President has alleged that both violated the agreement about the setup and "don't deserve their 8.6% stake, currently valued at $606 million", as per Bloomberg.

The two, who participated on Trump's NBC programme "The Apprentice," approached him with the concept of Truth Social after he was banned from Twitter in the wake of the Capitol attack on January 6, 2021. The lawsuit said that this turned out to be "a phenomenal opportunity for Moss and Litinsky" and that they were both "riding President Trump's coattails." It added, "Without President Trump, Truth Social would have been impossible."