Sound Planning Group CEO David Stryzewski talks about how the early success of Trump’s social media platforms has led investors to warm up to Varney & Co.’s 45th president.
Trump Media & Technology Group (TMTG) sues two co-founders of Truth Social, claiming they are not entitled to the 8.6% stake in the company they claim to own. ing.
TMTG, the social media company started by former President Donald Trump, filed a lawsuit last month against former “Apprentice” contestants Wesley Moss and Andrew Litinski, claiming ownership agreements between its co-founders and Trump himself set out He filed a lawsuit in Florida state court claiming that the contract was invalid. .
Trump Media and Technology Group (TMTG) went public last week, and its listing value on the Nasdaq soared to about $8 billion. (Anna Barclay/Getty Images/Getty Images)
The suit was brought in response to an earlier lawsuit filed in Delaware by Mr. Moss and Mr. Liczynski, alleging that TMTG attempted to unfairly dilute its stock.
According to TMTG’s filing, a services agreement between the former president and Mr. Moss and Mr. Liczynski’s company, United Atlantic Ventures (UAV), will see UAV grant 8.6 million shares of stock in the new social media company to Trump. He was reportedly granted 90 million shares. However, TMTG called Mr Moss and Mr Litinksy’s claims “unfounded” and said TMTG was not party to the agreement.
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Truth Social’s parent company also said that TMTG’s original de facto directors, Mr Moss and Mr Litinksy, had “catastrophically failed” to launch the company and had “made a series of reckless and wasteful decisions at critical junctures”. , and caused significant damage to TMTG.” and a decline in the merger partner’s stock price. ”
TMTG says it wants to strip Mr. Moss and Mr. Litinksy of ownership because they have failed to acquire the shares.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DJT | Trump Media & Technology Group Corporation | 49.12 | -2.48 | -4.81% |
Trump Media & Technology Group
On Monday, a Delaware judge asked the parties to set a hearing date this month to determine whether they should receive the 8.6% of the company’s stock they say they are owed.
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TMTG went public last week through a merger using a special acquisition vehicle, Digital World Acquisition Corp. (DWAC), and its market value soared to about $8 billion in its debut.
Trump, who is considered to be the 2024 Republican presidential candidate, owns 78.7 million shares of the company.
Former President Trump’s media company is embroiled in a legal battle with two of Trump’s Truth Social co-founders. (Reuters/Dado Ruvic/Illustration/Reuters Photo)
Trump launched Truth Social in February 2022, a year after he was banned from platforms such as: Twitter then, now X; Facebook; these bans have since been lifted.
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After Trump was removed from the platform, he agreed to work with Moss and Liczynski to launch a new social media site.
Reuters contributed to this report.
