Truth Social owner Trump Media sues two of its own co-founders, seeking to wipe out their shares
CNN
Trump Media & Technology Group, the Truth Social owner controlled by former President Donald Trump, recently filed a lawsuit against two of its co-founders seeking to eliminate their stakes in the multi-billion dollar company.
Trump Media & Technology Group, the Truth Social owner controlled by former President Donald Trump, recently filed a lawsuit against two of its co-founders seeking to eliminate their stakes in the multi-billion dollar company. The lawsuit marks the latest twist in the legal saga surrounding the quest to bring Trump Media and Truth Social public — a deal that has spiked Trump’s net worth and created a frenzy on Wall Street. Trump Media filed a lawsuit on March 24 in Florida state court against Andy Litinsky and Wes Moss, two co-founders of Trump Media. That lawsuit alleges they made a series of “reckless and wasteful decisions” when they tried to set up the company that caused significant damage. “Moss and Litinsky failed spectacularly at every turn,” the lawsuit said. CNN has reached out to lawyers representing United Atlantic Ventures — the company through which Litinsky and Moss do business — for comment. The lawsuit, first reported by Bloomberg News, asks the court to force Litinsky and Moss to return their stake in the company.
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