Trump Sues Truth Social Company Co-Founders to Zero Them Out
Source: Bloomberg
April 2, 2024 at 3:03 PM EDT
Updated on April 2, 2024 at 3:56 PM EDT
Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldnt get any stock in it.
In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and dont deserve their 8.6% stake, currently valued at $606 million.
The lawsuit, which was filed on March 24 in Florida state court and hasnt previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company.
The legal fight is playing out amid wild swings in shares of Trump Media, which began trading last week after it merged with a special purpose acquisition company, known as a SPAC. The stock dropped 21% Monday after Trump Media disclosed in a securities filing a $58 million loss and a relative trickle of revenue for 2023, and reiterated a warning that it needed the money from the SPAC deal to keep operating.
Read more: https://www.bloomberg.com/news/articles/2024-04-02/trump-sues-co-founders-of-truth-social-media-company-over-shares?srnd=homepage-americas
No paywall (gift)
magicarpet
(17,017 posts)djt.
liberalgunwilltravel
(567 posts)Is there anyone out there who Trump hasn't sued?
yankee87
(2,388 posts)How dare you say something against the Messiah of the Stupid? He is going to sue you!!
Sort of sarcasm.
SergeStorms
(19,345 posts)he'll be using MAGAt money to fund these lawsuits? His "save America" slush fund is being used for every other whim he has, so why not use it to pay off more Attorneys?
Trump must have every Attorney in Florida on retainer.
BadGimp
(4,068 posts)OAITW r.2.0
(28,755 posts)Looks like they did the heavy lifting to make this stock happen....and Trump is muscling them out of their ownership. I can't imagine that the Trump cult does not understand what this prick is doing.
Demobrat
(9,953 posts)When he screws people over they put themselves in his place, not the victims. They love it.
BadgerKid
(4,703 posts)😎
Irish_Dem
(59,818 posts)PlutosHeart
(1,445 posts)You are correct. Everything is his in his sick mind.
Irish_Dem
(59,818 posts)Narcissistic sociopath in full display, yes.
Everything in the world revolves around Trump.
Everything belongs to him.
And then he will break every rule and commit crimes to get what he wants.
Irish_Dem
(59,818 posts)All the money in the US belongs to Donald Trump.
Just like all the money in Russia is owned by Putin.
SupportSanity
(1,170 posts)CincyDem
(6,962 posts)
oh, he wont try to stiff me?
Bengus81
(7,513 posts)Oh....he's done that before but it will ALL be different with me!!
Ask Rudy about that one.......
CincyDem
(6,962 posts)tetedur
(1,100 posts)And Litinsky would have had a tax payment for his gift to her and he refused to do that. I wonder if that was the "agreement about the setup."
These two were with Trump since the Apprentice days. They put together the Truth Social. And now they are going to get screwed over. Good for them.
Dorn
(562 posts)Who in their right mind would ever work with DT?
Can the same be said of:
* Clinton
* Bernie Sanders
* Jimmy Carter
* Obama
CaptainTruth
(7,276 posts)How can anyone be impressed by this dolt?
BlueKota
(3,746 posts)with him or works for him thinks they will be immune from his vitriol when they make even the slightest move that displeases him?
It's like with Putin. One day someone thinks they're his ally and the next they' "accidentally,"trip and fall off a sky scraper or somehow end up getting plutonium injected into their arm on a park bench.
How naive do these people who trust Donny or Putin have to be?
dalton99a
(84,937 posts)eezapata
(37 posts)he uses the courts a lot.
quakerboy
(14,207 posts)How many death threats it will take before they publicly apologize to him?
niyad
(120,768 posts)behaviour is anything new. It is a well-known fact that he screws over just about every person who works with, or for him. Why would they think they would be the exception?
C Moon
(12,610 posts)Yo_Mama_Been_Loggin
(116,593 posts)He's like the petulant child.
dembotoz
(16,922 posts)folks think he will be different with them....
people are stupid
LetMyPeopleVote
(155,641 posts)TFG had been sued in Delaware earlier by Litinsky and Moss and so any claims that TFG had against these two persons needed to be litigated in Delaware. TFG's claims are compulsory counterclaims and TFG should be sanctioned for filing a separate lawsuit in Florida
Link to tweet
https://www.alternet.org/trump-sues-business-partners/
"[Litinsky and Moss' company was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," attorney, Christopher J. Clark told the Washington Post in February. "They feel like: We made Truth Social for you. You get 90 percent. But some people just arent happy with 90 percent."
Trump's business partners alleged that the former president's schemed to artificially create new shares to possibly then give to himself and his family members. Prior to going public last week, the SPAC that facilitated TMTG's merger told the Securities and Exchange Commission that the pending litigation could "negatively impact investor confidence and market perception."
According to Bloomberg, the fact that Trump filed a lawsuit in Florida rather than countersuing Litinsky and Moss in Delaware angered chancery court Judge Sam Glasscock III, who may sanction Trump over the suit. Glasscock was reportedly "gobsmacked" at learning of the former president pursuing separate litigation outside of his courtroom.
TFG believes that normal rules do not apply to him. This Delaware Chancery Court Judge will teach TFG lesson.
BumRushDaShow
(144,377 posts)LetMyPeopleVote
(155,641 posts)BumRushDaShow
(144,377 posts)The Honorable Sam Glasscock III was appointed as Vice Chancellor in 2011 after having served as Master in Chancery from 1999 to 2011. He was born in Erie, Pennsylvania and spent most of his youth in Lewes, Delaware. He received a B.A. in History from the University of Delaware in 1979, a J.D. from Duke University in 1983 and a Master's Degree in Marine Policy from the University of Delaware in 1989. Before coming to the Court of Chancery, he worked as a judicial clerk, as an associate at Prickett, Jones, Elliott, Kristol & Schnee in the litigation section, as a Superior Court special discovery master and as a Deputy Attorney General in the Appeals Unit of the Department of Justice.
https://courts.delaware.gov/chancery/judges.aspx