debut: 2/16/17
35,105 runs
Trump Sues Truth Social Company Co-Founders to Zero Them Out
Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.
In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million. Trump owns 57% of the company, according to the filings with the US Securities and Exchange Commission, with his stake now worth $4.02 billion on paper.
The lawsuit, which was filed on March 24 in Florida state court and hasn’t previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company.Trump claims Litinsky and Moss failed to properly set up the corporate governance structure of Trump Media, launch his Truth Social platform and find an appropriate merger partner.The Delaware judge, Sam Glasscock III, declined to fast-track Litinsky and Moss’s suit after Trump’s lawyers agreed to avoid lessening the value of their shares. But at a hearing Monday the pair told the judge they plan to seek an order barring the Florida suit from going forward while they litigate claims that Trump planned to target their stake all along.
The judge said he was “gobsmacked” to learn of Trump’s Florida suit — which he filed instead of bringing counterclaims against the two in Glasscock’s own courtroom — and would consider possible sanctions against the former president in the Delaware case.The Florida case is Trump Media & Technology Group v. United Atlantic Ventures, Florida Circuit Court, 12th Judicial Circuit (Sarasota).
Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.
In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million. Trump owns 57% of the company, according to the filings with the US Securities and Exchange Commission, with his stake now worth $4.02 billion on paper.
The lawsuit, which was filed on March 24 in Florida state court and hasn’t previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company.Trump claims Litinsky and Moss failed to properly set up the corporate governance structure of Trump Media, launch his Truth Social platform and find an appropriate merger partner.The Delaware judge, Sam Glasscock III, declined to fast-track Litinsky and Moss’s suit after Trump’s lawyers agreed to avoid lessening the value of their shares. But at a hearing Monday the pair told the judge they plan to seek an order barring the Florida suit from going forward while they litigate claims that Trump planned to target their stake all along.
The judge said he was “gobsmacked” to learn of Trump’s Florida suit — which he filed instead of bringing counterclaims against the two in Glasscock’s own courtroom — and would consider possible sanctions against the former president in the Delaware case.The Florida case is Trump Media & Technology Group v. United Atlantic Ventures, Florida Circuit Court, 12th Judicial Circuit (Sarasota).
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