Trump’s Media Company Sues Co-Founders Over Shares Dispute

In a recent development, Trump Media & Technology Group (TMTG) has taken legal action against two of its co-founders, Wesley Moss and Andrew Litinsky, amid a contentious dispute over company shares and leadership control.

The lawsuit, filed in a Florida court on March 24, alleges that Moss and Litinsky, who are also former contestants on “The Apprentice,” failed in their leadership roles within Trump Media. TMTG claims that their actions led to detrimental decisions and significant damage to the company.

The crux of the lawsuit revolves around TMTG’s assertion that Moss and Litinsky should forfeit their shares in the company due to their alleged mismanagement.

Additionally, TMTG seeks a court declaration stating that the co-founders have no authority to appoint board members and seeks damages for their breach of fiduciary duty.

According to TMTG’s filing, the company is compelled to take legal action to address the harm caused by Moss and Litinsky, as well as their company, United Atlantic Ventures. The lawsuit aims to prevent further damage to TMTG’s interests.

In response to the lawsuit, representatives for United Atlantic Ventures declined to provide any comments on the matter, leaving the legal battle between the parties unresolved.

Trump's Media Company Sues Co-Founders Over Shares Dispute

As per Securities and Exchange Commission filings, Moss and Litinsky’s company currently holds a substantial 5.5% stake in TMTG, comprising 7,525,000 shares valued at approximately $388 million.

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The controversy surrounding the legal battle has impacted TMTG’s stock performance. After initially peaking at over $79, the company’s stock price experienced a significant decline of 21% on Monday. Despite the setback, Trump’s stake in the company remains substantial, with its value exceeding $4 billion.

As the legal proceedings unfold, the outcome of the dispute between TMTG and its co-founders will shape the future trajectory of the company and its leadership dynamics.

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