Former U.S. President Donald Trump has filed a lawsuit against two co-founders of Trump Media & Technology Group, the parent company of Truth Social, alleging improper setup of the company. The lawsuit, filed in Florida state court on March 24, targets Andy Litinsky and Wes Moss, who hold a combined 8.6% stake in Trump Media.
Litinsky and Moss, both former contestants on Trump's reality-TV show 'The Apprentice,' had previously filed a complaint in February to prevent Trump from taking actions that would reduce their stake in the company. Their lawsuit was filed in the Delaware Court of Chancery.
Trump's lawsuit claims that Litinsky and Moss mishandled a previous attempt to take Trump Media public, causing significant delays in the process. The lawsuit also accuses the co-founders of multiple attempts to obstruct Trump Media's successful public listing, which was achieved through a merger with Digital World Acquisition in March.
Following its stock market debut, Trump Media shares have experienced significant volatility. As of Tuesday, the stock closed at $51.60, marking a 6% increase and valuing the company at $5.9 billion.
