Trump Launches Shocking Lawsuit Against His OWN

Ex-President Donald Trump has initiated a legal battle against two founding members of Trump Media & Technology Group Corp. in Florida, accusing them of inadequate performance in setting up Truth Social among other tasks, thus arguing they are undeserving of any company shares.

According to Trump, Andy Litinsky and Wes Moss have not met their contractual obligations and consequently should forfeit their right to 8.6 percent of the company's shares, as reported by Bloomberg.

These shares were valued at approximately $581 million based on Wednesday's noon trading price of $49.95 per share, marking a 3.2 percent decrease from the previous day.

Bloomberg, referencing Securities and Exchange Commission filings, states Trump controls 57 percent of Trump Media, translating to an estimated worth of $3.85 billion at the same share price.

Litinsky and Moss have launched their lawsuit against Trump in the Delaware Chancery Court, claiming their rightful stake in the social media firm, Bloomberg noted.

The Associated Press highlighted that this legal action was taken in February and mentioned both Litinsky and Moss's previous involvement with Trump’s reality show, “The Apprentice.”

Delaware Judge Sam Glasscock III expressed astonishment that Trump opted to file in Florida rather than submit a counterclaim in Delaware, a decision that could potentially result in sanctions from the Delaware court, Bloomberg added.

Filed on March 24, the Florida lawsuit — Trump Media & Technology Group v. United Atlantic Ventures, in the Florida Circuit Court for the 12th Judicial Circuit (Sarasota) — was not covered by the media until Bloomberg's recent report.

Trump alleges that Litinsky and Moss were unsuccessful in properly establishing the corporate governance of Trump Media, in launching Truth Social, and in securing a suitable merger partner, causing detriment to the company, according to Bloomberg.

Furthermore, Trump accuses them of delaying the company's public listing for more than 18 months, as per the Associated Press.

Recent significant fluctuations in the shares of the special purpose acquisition company were noted by both media outlets.

Following a reported $58 million loss and negligible revenue for 2023, the stock price fell by 21 percent on Monday but regained some of the losses the next day.

Trump might liquidate some of his shares to cover legal costs and judgments from ongoing lawsuits, although restrictions require him to hold the shares for at least six months before selling.

Bloomberg, in a separate report, estimated Trump's net worth to be around $6.5 billion before the recent drop in stock prices, with much of his wealth invested in real estate and other assets.

His investment in Trump Media has positioned him among the world's 500 wealthiest individuals, the report added.

Despite the stock's volatility, CNN described Trump Media's $6.6 billion valuation post-Monday’s selloff as "defying logic."

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