Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group, claiming they set the company up improperly and shouldn’t get any stock in it, Bloomberg reports.
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.
The lawsuit, which was filed last month in Florida state court and hasn’t 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 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 Digital World Acquisition. 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.
