Truth Social CRASHES As Trump Sues Business Partners
Channel: Grift Guard
Date: 2024-04-03

Why anyone continues to do business with notoriously litigious Donald Trump is beyond me, he is now suing  co-founders of Trump Media Wes Moss and Andy Litinsky, claiming they should lose their shares of the company for mismanaging his social media site.

The men, Wes Moss and Andy Litinsky, had already filed a suit against Mr Trump in February to prevent him from reducing their 8.6% stake in the firm.

They pitched the idea of Truth Social following the Capitol riot, after Mr Trump was banned from Twitter, now X.

Their shares are currently valued at around $600m .

In the lawsuit, filed on 24 March in Florida state court, lawyers for the former president say Mr Moss and Mr Litinsky were in charge of Trump Media & Technology Group's daily operations, but "failed spectacularly at every turn".

Trump Media & Technology Group (TMTG) is the parent company of Truth Social.

"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," Mr Trump's lawyers wrote in the filing.

Mr Trump's lawyers claim the two executives in particular slowed down the process of taking Trump Media public, including by finding an appropriate merger company.

TMTG went public last week through a merger with a special purpose acquisition company, or SPAC.