Donald Trump’s newly public social media company is entangled in many legal cases, the bulk of them involving suspected misdeeds by the executives who helped set up the company and merge it with a public entity — and by the former president himself, Bloomberg reports.
It all started with Truth Social, the right-wing social platform launched by Trump in 2021 after he was banned by Twitter and other sites for encouraging violence during the Jan. 6, 2021, attack on the US Capitol. Trump Media & Technology Group was formed with a mission to counter the “liberal media” and Big Tech firms that “silence opposing voices.”
Trump has sued two co-founders of Trump Media & Technology, claiming they set the company up improperly and shouldn’t 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 don’t deserve their 8.6% stake, currently valued at $606 million.
Meanwhile, shares in Trump Media are down 37% from the stock’s Nasdaq debut two weeks ago. Read more.
