Former U.S. President Donald Trump has taken legal action against two co-founders of Trump Media, alleging mismanagement of Truth Social, his social media platform.
In response, the co-founders, Wes Moss and Andy Litinsky, had previously filed a lawsuit against Trump in February to protect their stake in the company.
This legal dispute stems from the aftermath of the Capitol riot in January, when Trump was banned from major social media platforms. Moss and Litinsky proposed Truth Social as an alternative.
In a recent lawsuit filed on March 24th in a Florida state court, Trump’s legal team accused Moss and Litinsky of failing in their duties, causing harm to Trump Media & Technology Group (TMTG), Truth Social’s parent company. The lawsuit claims that their decisions led to a decline in TMTG’s stock price and slowed down the company’s public listing process.
The conflict escalates as Trump’s lawyers seek to cancel Moss and Litinsky’s shares, valued at around $600 million. Trump established TMTG in 2021 in response to being banned from major social media platforms after the Capitol riot.
The legal battle unfolds amid Truth Social’s recent merger with a special purpose acquisition company (SPAC). Despite initial enthusiasm in the market, the company now faces regulatory scrutiny and other challenges, causing a decline in its stock value.
Neither Wes Moss nor Andy Litinsky were immediately available for comment on Trump’s legal action against them. This ongoing legal saga highlights the complexities at the intersection of technology, politics, and corporate governance, leaving the future of Truth Social and its stakeholders uncertain.
