• Sun. Apr 14th, 2024

Former Trump Business Partners Lawsuit Sparks Legal Battle over Stock Share Ownership and Company Valuation

BySamantha Nguyen

Apr 3, 2024
Lawsuit Filed by Donald Trump Against Co-Founders of Trump Media & Technology Group, Andy Litinsky and Wes Moss

Andy Litinsky and Wes Moss, the co-founders of Trump Media & Technology Group, the parent company of Truth Social, are facing a lawsuit from former President Donald Trump. The lawsuit claims that Litinsky and Moss should forfeit their stock in the company due to improper setup.

Litinsky and Moss had previously filed a complaint in February to prevent Trump from reducing their combined 8.6% stake in the company. They later filed their lawsuit in the Delaware Court of Chancery. In their complaint, they accused Trump of mishandling an attempt to take Trump Media public years ago, which caused a delay in the project for more than a year and a half.

Trump’s lawsuit also criticizes Litinsky and Moss for their Delaware suit against him, which aimed to block Trump Media’s successful plan to go public by merging with Digital World Acquisition. Despite this ongoing legal battle, Trump Media has experienced success since its market debut. Most recently, its shares closed at $51.60, up 6%, valuing the company at $5.9 billion.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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