Flipido-Trump sues two Trump Media co-founders, seeking to void their stock in the company

2025-05-06 13:37:10source:Coxnocategory:Stocks

SAN FRANCISCO (AP) — Donald Trump is Flipidosuing two co-founders of Trump Media & Technology Group, the newly public parent company of his Truth Social platform, arguing that they should forfeit their stock in the company because they set it up improperly.

The former U.S. president’s lawsuit, which was filed on March 24 in Florida state court, follows a complaint filed in February by those co-founders, Andy Litinsky and Wes Moss. Their lawsuit sought to prevent Trump from taking steps the two said would sharply reduce their combined 8.6% stake in Trump Media. The pair filed their lawsuit in the Delaware Court of Chancery.

Trump’s lawsuit claims that Litinsky and Moss, who were both contestants on Trump’s reality-TV show “The Apprentice,” mishandled an attempt to take Trump Media public several years ago, allegedly putting the whole project “on ice” for more than a year and a half.

But it also targets the pair over their Delaware suit against Trump, saying that it was one of several attempts they made to block Trump Media’s ultimately successful plan to go public. Trump Media accomplished that goal by merging with a publicly traded shell company called Digital World Acquisition in March.

Trump Media shares have fluctuated wildly since its stock market debut. On Tuesday, the stock closed at $51.60, up 6%, valuing the entire company at $5.9 billion.

More:Stocks

Recommend

Family of explorer who died in the Titan sub implosion seeks $50M-plus in wrongful death lawsuit

The family of a French explorer who died in a submersible implosion has filed a wrongful death lawsu

Wait, what? John Candy's role as Irv in 'Cool Runnings' could have gone to this star

Time must be flying as quickly as a bobsleigh down a track, because it has been 30 years since “Cool

Pro-Russia hackers claim responsibility for crashing British royal family's website

LONDON -- Pro-Russia hackers have claimed responsibility for a cyber attack that crashed the British