Trump Media sues co-founders alleging former 'Apprentice' contestants' stock ownership claim is void

Trump Media & Technology Group (TMTG) is suing 2 Truth Social co-founders, arguing they are not entitled to nan 8.6% liking successful nan institution they declare to own.

TMTG, nan social media patient launched by erstwhile President Donald Trump, revenge a suit past period successful Florida tribunal against erstwhile "Apprentice" contestants Wesley Moss and Andrew Litinsky, claiming an statement betwixt nan co-founders and Trump himself that laid retired ownership is now void.

Trump Media and Technology Group (TMTG) went nationalist past week, surging to astir $8 cardinal successful worth successful its debut connected nan Nasdaq. (Anna Barclay/Getty Images / Getty Images)

The suit comes successful consequence to an earlier suit revenge successful Delaware by Moss and Litinsky, accusing TMTG of trying to improperly dilute their stake.

TMTG's filing says a work statement betwixt the erstwhile president and Moss and Litinsky's company, United Atlantic Ventures (UAV), granted UAV 8.6 cardinal shares successful nan caller societal media patient and granted Trump 90 million. But TMTG argues Moss and Litinsky's claims are "baseless," saying that TMTG was not a statement to nan agreement.

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The Truth Social genitor institution besides claims Moss and Litinsky, who were nan first de facto board of TMTG, "failed spectacularly" successful delivering connected its motorboat and "made a bid of reckless and wasteful decisions astatine a captious clip that caused important harm to TMTG and a diminution successful nan banal value of its merger partner."

TMTG says Moss and Litinsky grounded to gain their shares and that it wants to portion them of their ownership.

On Monday, a Delaware judge said he wanted nan parties to group a proceeding day this period to find if nan 2 should person nan 8.6% liking successful nan institution they declare they are owed.

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TMTG went nationalist past week done a merger pinch nan usage of a typical intent acquisition company, Digital World Acquisition Corp. (DWAC), and its marketplace worth surged to astir $8 cardinal successful its debut.

Trump, nan presumptive 2024 GOP statesmanlike nominee, holds 78.7 cardinal shares successful nan societal media firm.

Former President Donald Trump's media institution is locked successful a ineligible conflict pinch 2 of his Truth Social co-founders. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)

Trump launched Truth Social successful February 2022, a twelvemonth aft he was banned from platforms specified arsenic then-Twitter, now-X; Facebook; and Instagram, pursuing Jan. 6, 2021. Those bans person since been lifted.

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After Trump was de-platformed, he agreed to activity pinch Moss and Litinsky to shape a caller societal media site.

Reuters contributed to this report.