{"id":425,"date":"2024-04-30T07:13:18","date_gmt":"2024-04-30T07:13:18","guid":{"rendered":"https:\/\/usatrustedlawyers.com\/blog\/trump-media-co-founders-sued-by-trump-over-company-stake-justia-news-april-4-2024\/"},"modified":"2024-04-30T08:41:02","modified_gmt":"2024-04-30T08:41:02","slug":"trump-media-co-founders-sued-by-trump-over-company-stake-justia-news-april-4-2024","status":"publish","type":"post","link":"https:\/\/usatrustedlawyers.com\/blog\/trump-media-co-founders-sued-by-trump-over-company-stake-justia-news-april-4-2024\/","title":{"rendered":"Trump Media Co-Founders Sued by Trump Over Company Stake \u2014 Justia News \u2014 April 4, 2024"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400;\">In a lawsuit filed on March 24 in Florida state court, former U.S. President Donald Trump asserted that two co-founders of Trump Media &amp; Technology Group must give up their stock in the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The co-founders, Andy Litinsky and Wes Moss, are accused of setting up the corporate governance structure of the newly public Trump Media improperly. Trump Media &amp; Technology Group is the parent company of the Truth Social social media platform. Litinsky and Moss are also accused of failing to properly launch Truth Social and failing to find an appropriate merger partner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Litinsky and Moss, former contestants on Donald Trump\u2019s reality TV show, \u201cThe Apprentice,\u201d had previously sued Trump in Delaware Chancery <a href=\"https:\/\/www.usatrustedlawyers.com\">Court<\/a> over their 8.6 percent stake in Trump Media, claiming that Trump wanted millions of extra shares, diluting their own stake. According to AP News, the company was valued at $5.9 billion as of April 2.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Trump\u2019s suit, Litinsky and Moss mishandled an attempt to take the company public years ago. It claims that their February lawsuit is but one of many attempts they made to prevent the company from going public. Trump Media ultimately went public by merging with a special purpose acquisition company (SPAC) in March.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Donald Trump owns 57.3 percent of Trump Media with 78,750,000 shares. The company reported a net loss of $58 million in 2023.<\/span><\/p>\n<p><b>Additional Reading<\/b><\/p>\n<p><a href=\"https:\/\/apnews.com\/article\/trump-lawsuit-truth-social-cofounders-d14ee7b187cdb1d7504903504874b1d1\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400;\">Trump sues two Trump Media co-founders, seeking to void their stock in the company<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">AP News <\/span><\/i><span style=\"font-weight: 400;\">(April 2, 2024)<\/span><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/trump-sues-co-founders-truth-190328312.html\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400;\">Trump Sues Truth Social Company Co-Founders to Zero Them Out<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">Yahoo Finance<\/span><\/i><span style=\"font-weight: 400;\"> (April 2, 2024)<\/span><\/p>\n<p><a href=\"https:\/\/thehill.com\/business\/4570973-trump-social-media-company-sues-co-founders\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400;\">Trump social media company sues co-founders, alleging \u2018reckless and wasteful\u2019 decisions<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">The Hill <\/span><\/i><span style=\"font-weight: 400;\">(April 2, 2024)<\/span><\/p>\n<p><b>Image Credit: <\/b><span style=\"font-weight: 400;\">rafapress \/ Shutterstock.com<\/span><\/p>\n<\/div>\n<p><script>(function(d, s, id) {<br \/>\n            var js, fjs = d.getElementsByTagName(s)[0];<br \/>\n            if (d.getElementById(id)) return;<br \/>\n            js = d.createElement(s); js.id = id;<br \/>\n            js.src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&version=v2.11&appId=1639788792774312&autoLogAppEvents=1\";<br \/>\n            fjs.parentNode.insertBefore(js, fjs);<br \/>\n        }(document, 'script', 'facebook-jssdk'));<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a lawsuit filed on March 24 in Florida state court, former U.S. President Donald Trump asserted that two co-founders of Trump Media &amp; Technology Group must give [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[311,411,413,309,410,310,414,412,409],"class_list":["post-425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lawyers","tag-april","tag-cofounders","tag-company","tag-justia","tag-media","tag-news","tag-stake","tag-sued","tag-trump"],"_links":{"self":[{"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=425"}],"version-history":[{"count":1,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/425\/revisions"}],"predecessor-version":[{"id":437,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/425\/revisions\/437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/media\/426"}],"wp:attachment":[{"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usatrustedlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}