{"id":25683,"date":"2024-04-04T05:02:14","date_gmt":"2024-04-04T10:02:14","guid":{"rendered":"https:\/\/ustower.net\/?p=25683"},"modified":"2024-04-04T05:02:23","modified_gmt":"2024-04-04T10:02:23","slug":"trump-sues-truth-social-co-founders-over-alleged-mismanagement","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=25683","title":{"rendered":"Trump sues Truth Social co-founders over alleged mismanagement"},"content":{"rendered":"\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Donald Trump is suing two co-founders of Trump Media, claiming they should lose their shares of the company for mismanaging his social media site.<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">The men, Wes Moss and Andy Litinsky, had already filed a suit against Mr Trump in February to prevent him from reducing their 8.6% stake in the firm.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">They pitched the idea of Truth Social following the Capitol riot, after Mr Trump was banned from Twitter, now X.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Their shares are currently valued at around $600m (\u00a3477m).<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Both co-founders met Mr Trump as contestants on NBC&#8217;s The Apprentice reality show.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">In the lawsuit, filed on 24 March in Florida state court, lawyers for the former president say Mr Moss and Mr Litinsky were in charge of Trump Media &amp; Technology Group&#8217;s daily operations, but &#8220;failed spectacularly at every turn&#8221;.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Trump Media &amp; Technology Group (TMTG) is the parent company of Truth Social.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">&#8220;They made a series of reckless and wasteful decisions at a critical time that caused significant damage to TMTG and a decline in the stock price of its merger partner,&#8221; Mr Trump&#8217;s lawyers wrote in the filing.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Mr Trump&#8217;s lawyers claim the two executives in particular slowed down the process of taking Trump Media public, including by finding an appropriate merger company.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">TMTG went public last week through a merger with a special purpose acquisition company, or SPAC.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Mr Moss and Mr Litinsky were not immediately available for comment.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">In their February lawsuit, Mr Moss and Mr Litinsky claimed the former president was trying to reduce their stake in the firm by increasing the company&#8217;s total number of shares from 120 million to 1 billion.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Mr Trump founded TMTG in 2021 after he was kicked off of major social media platforms over his actions during the 6 January Capitol riot.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Mr Moss and Mr Litinsky suggested Truth Social as an alternative to mainstream social media sites. They later agreed to a deal in which Mr Trump would own 90% of the platform when it was a private company.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Shares in Truth Social skyrocketed last week &#8211; surging as high as $79 (\u00a363) &#8211; after Trump Media went public despite the business facing government investigations and other hurdles in its merger deal.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">The stock price has since fallen considerably.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><a href=\"https:\/\/www.bbc.com\/news\/business-68725771\">Bbc<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump is suing two co-founders of Trump Media, claiming they should lose their shares of the company for mismanaging his social media site. The men, Wes Moss and Andy Litinsky, had already filed a suit against Mr Trump in February to prevent him from reducing their 8.6% stake in the firm. They pitched the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":25684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[26975,1144,1230,24249],"class_list":["post-25683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-co-founder-2","tag-lawsuit","tag-trump","tag-truth-social-2"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25683"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25683\/revisions"}],"predecessor-version":[{"id":25685,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25683\/revisions\/25685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/25684"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}