{"id":2211891,"date":"2024-04-02T23:01:02","date_gmt":"2024-04-03T03:01:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-sues-truth-social-co-founders-for-their-stake-in-the-company\/"},"modified":"2024-04-02T23:01:33","modified_gmt":"2024-04-03T03:01:33","slug":"trump-sues-truth-social-co-founders-for-their-stake-in-the-company","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-sues-truth-social-co-founders-for-their-stake-in-the-company\/","title":{"rendered":"Trump is taking legal action against the co-founders of Truth Social over their ownership stake"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-sues-truth-social-co-founders-for-their-stake-in-the-company%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2211891&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former President Donald Trump has initiated legal action against the co-founders of Truth \u200cSocial&#8217;s parent company, Trump Media. The lawsuit, filed on March 24, \u200calleges that co-founders Andy Litinsky and Wes Moss failed in their responsibilities\u200d in establishing the company. Trump is seeking their ownership \u200cstake \u2063in\u200b the company. Your\u200d revised text:\u2064 <\/p>\n<p>Former President Donald Trump has taken legal action against the co-founders \u2063of\u2062 Truth Social&#8217;s parent company, Trump Media. In a lawsuit filed on March 24, Trump accused co-founders Andy Litinsky\u200d and Wes Moss of neglecting their duties in setting up \u2062the company and is now pursuing their ownership stake.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_78\">\n<p>Former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Donald Trump<\/a> is suing the co-founders of <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/truth-social\/\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Truth Social\u2019s<\/a> parent company, Trump Media, seeking their stake in the company.<\/p>\n<p>In the <a href=\"https:\/\/assets.bwbx.io\/documents\/users\/iqjWHBFdfxIU\/rmc_C6wF3ZDU\/v0\" target=\"_blank\" rel=\"noopener\" title=\"lawsuit\">lawsuit<\/a>, filed on March 24, the day before Trump Media went public, Trump accused co-founders Andy Litinsky and Wes Moss of bungling their duties in setting up the company.<\/p>\n<p>\u201c[Trump Media and Technology Group Corp] has been forced to file this action to remedy the harm inflicted upon it by two faithless fiduciaries and a company they own \u2014 Wesley Moss, Andrew Litinsky,<br \/>and [United Atlantic Ventures LLC] \u2014 and to halt their ongoing attempts to do even more damage,\u201d the lawsuit read.<\/p>\n<p>After laying out what their responsibilities were supposed to be, Trump\u2019s lawyers accused them of failing spectacularly.<\/p>\n<p>\u201cMoss and Litinsky failed spectacularly at every turn,\u201d it read. \u201cThey failed to get the corporate governance established. 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.\u201d<\/p>\n<p>\u201cOnly after 2022, when a new CEO and a duly constituted Board of Directors was put in place to manage the Company with due care and in good faith, was the Company able to remedy Moss\u2019s and Litinsky\u2019s mismanagement and place Truth Social on a solid footing,\u201d the lawsuit continued.<\/p>\n<p>It also claimed that the pair retaliated after their plan for a merger was found to be inadequate, going on to try and \u201cthwart\u201d the merger deal. Trump\u2019s lawyers argued that they should be held liable for damages and cede their 8.6% stake in the company, currently valued at roughly $606 million.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/strong><\/a><\/p>\n<p>Trump Media stock experienced a significant fall in price on Monday after an <a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/2939830\/trumps-truth-social-skyrockets-on-first-trading-day-in-major-boost-to-former-president\/\" target=\"_blank\" rel=\"noreferrer noopener\">initial frenzy<\/a> sent it to great heights on the company\u2019s first listing last week.<\/p>\n<p>The stock\u2019s price slumped by roughly 20%, cutting its total value by nearly $2 billion, finishing the day at $6.5 billion. Trump\u2019s value in the stock declined to $3.7 billion from over $6 billion last week. The end-day total marks a major decline from its peak of $10 billion last week.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former President Donald Trump filed a lawsuit on March 24 against Truth Social&#8217;s parent company&#8217;s co-founders, Andy Litinsky and Wes Moss, seeking their stake in the company. Trump accused Litinsky and Moss of mishandling their responsibilities in establishing the company, just one day before Trump Media&#8217;s public launch<\/p>\n","protected":false},"author":2653,"featured_media":2211892,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/03\/trump-truth-social-1-1-1024x601.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2211891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/03\/trump-truth-social-1-1-1024x601.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2211891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2653"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2211891"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2211891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2211892"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2211891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2211891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2211891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}