Donald Trump is taking legal action against two co-founders of Trump Media & Technology Group, the new publicly traded parent company of his Truth Social platform. He claims they should give up their stock in the company because they established it incorrectly.
The former U.S. president filed a lawsuit on March 24 in Florida state court, in response to a complaint filed in February by the co-founders, Andy Litinsky and Wes Moss. They wanted to stop Trump from taking actions that would greatly reduce their combined 8.6% stake in Trump Media. Their lawsuit was filed in the Delaware Court of Chancery.
Trump’s lawsuit alleges that Litinsky and Moss mishandled an effort to make Trump Media public a few years ago, causing the entire project to be delayed for over a year and a half.
The lawsuit also criticizes the pair for their Delaware lawsuit against Trump, claiming it was one of several attempts they made to hinder Trump Media's successful plan to go public.
Trump Media achieved this by merging with a publicly traded shell company called Digital World Acquisition in March.
