Trump Sues Truth Social Company Co-Founders to Zero Them Out

[BumRushDaShow]

Source: Bloomberg

April 2, 2024 at 3:03 PM EDT
Updated on April 2, 2024 at 3:56 PM EDT


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.

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.

The legal fight is playing out amid wild swings in shares of Trump Media, which began trading last week after it merged with a special purpose acquisition company, known as a SPAC. The stock dropped 21% Monday after Trump Media disclosed in a securities filing a $58 million loss and a relative trickle of revenue for 2023, and reiterated a warning that it needed the money from the SPAC deal to keep operating.

Read more: https://www.bloomberg.com/news/articles/2024-04-02/trump-sues-co-founders-of-truth-social-media-company-over-shares?srnd=homepage-americas

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No paywall (gift)

[magicarpet]

1. Gimme,.. gimme,.. gimme. Nothing for you,... all for me.

djt.

[liberalgunwilltravel]

2. Anyone?

Is there anyone out there who Trump hasn't sued?

[yankee87]

13. Shhhhhhh

How dare you say something against the Messiah of the Stupid? He is going to sue you!!

Sort of sarcasm.

[SergeStorms]

21. And I'm assuming....

he'll be using MAGAt money to fund these lawsuits? His "save America" slush fund is being used for every other whim he has, so why not use it to pay off more Attorneys?

Trump must have every Attorney in Florida on retainer.

[BadGimp]

31. or screwed?

[OAITW r.2.0]

3. Without really know the details, I can tell you, the optics really suck for Don.

Looks like they did the heavy lifting to make this stock happen....and Trump is muscling them out of their ownership. I can't imagine that the Trump cult does not understand what this prick is doing.

[Demobrat]

20. He's doing what they would love to do.

When he screws people over they put themselves in his place, not the victim’s. They love it.

[BadgerKid]

4. Waiting for a collective ... flush.

😎

[Irish_Dem]

5. It's ALL MINE. ALL MINE, ME ME ME.

[PlutosHeart]

12. Full blown narcissism on display.

You are correct. Everything is his in his sick mind.

[Irish_Dem]

14. Yes and also the sociopathy.

Narcissistic sociopath in full display, yes.

Everything in the world revolves around Trump.
Everything belongs to him.

And then he will break every rule and commit crimes to get what he wants.

[Irish_Dem]

6. This is what he will do if he gets back in the WH.

All the money in the US belongs to Donald Trump.

Just like all the money in Russia is owned by Putin.

[SupportSanity]

7. Delicious

[CincyDem]

8. Who in god's name thought they could be partners with Trump and think...

…”oh, he won’t try to stiff me?”

[Bengus81]

25. You could ask the lot of those idiots and they would say the same....

Oh....he's done that before but it will ALL be different with me!!


Ask Rudy about that one.......

[CincyDem]

26. Right....the "I'm so different" defense...lolol. And Rudy's their mascot, that's for sure. n/t

[tetedur]

9. Trump wanted Litinsky to gift his shares to Melania.

And Litinsky would have had a tax payment for his gift to her and he refused to do that. I wonder if that was the "agreement about the setup."

These two were with Trump since the Apprentice days. They put together the Truth Social. And now they are going to get screwed over. Good for them.

[Dorn]

10. If you lie down with a pig, you will get up with poop

Who in their right mind would ever work with DT?

Can the same be said of:
* Clinton
* Bernie Sanders
* Jimmy Carter
* Obama

[CaptainTruth]

11. LOL! EVERYTHING about Trump is a shite show.

How can anyone be impressed by this dolt?

[BlueKota]

15. Can someone explain why anyone who goes into partenership

with him or works for him thinks they will be immune from his vitriol when they make even the slightest move that displeases him?

It's like with Putin. One day someone thinks they're his ally and the next they' "accidentally,"trip and fall off a sky scraper or somehow end up getting plutonium injected into their arm on a park bench.

How naive do these people who trust Donny or Putin have to be?

[dalton99a]

16. Typical Trump.

[eezapata]

17. for someone who pays so little in taxes

he uses the courts a lot.

[quakerboy]

18. I wonder

How many death threats it will take before they publicly apologize to him?

[niyad]

19. Have to say, not really feeling sorry for those two. It is not as if TRAITOR**'s

behaviour is anything new. It is a well-known fact that he screws over just about every person who works with, or for him. Why would they think they would be the exception?

[C Moon]

22. Why these idiots trust that guy, is a question that will be asked for years.

[Yo_Mama_Been_Loggin]

23. Mine mine all mine!!!!!!!

He's like the petulant child.

[dembotoz]

24. why do people do business with him? his track record is not good

folks think he will be different with them....



people are stupid

[LetMyPeopleVote]

27. Delaware Judge was reportedly "gobsmacked" at learning of the former president pursuing separate litigatation

TFG had been sued in Delaware earlier by Litinsky and Moss and so any claims that TFG had against these two persons needed to be litigated in Delaware. TFG's claims are compulsory counterclaims and TFG should be sanctioned for filing a separate lawsuit in Florida

Link to tweet

https://www.alternet.org/trump-sues-business-partners/

Trump's lawsuit in Florida comes after Litinsky and Moss filed their own lawsuit against the former president in Delaware Chancery Court in February. The two investors accused Trump of orchestrating a scheme to "drastically dilute" the value of TMTG's shares in what they referred to as "11th hour, pre-merger corporate maneuvering." While Trump initially had control of 90% of the company and had 78 million shares in the company, his business partners alleged that he tried to inflate the number of shares to one billion, which would have reduced their stake to less than 1% of the company.

"[Litinsky and Moss' company was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," attorney, Christopher J. Clark told the Washington Post in February. "They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent."

Trump's business partners alleged that the former president's schemed to artificially create new shares to possibly then give to himself and his family members. Prior to going public last week, the SPAC that facilitated TMTG's merger told the Securities and Exchange Commission that the pending litigation could "negatively impact investor confidence and market perception."

According to Bloomberg, the fact that Trump filed a lawsuit in Florida rather than countersuing Litinsky and Moss in Delaware angered chancery court Judge Sam Glasscock III, who may sanction Trump over the suit. Glasscock was reportedly "gobsmacked" at learning of the former president pursuing separate litigation outside of his courtroom.

TFG believes that normal rules do not apply to him. This Delaware Chancery Court Judge will teach TFG lesson.

[BumRushDaShow]

28. Court shopping

[LetMyPeopleVote]

29. I am amused by the term "gobsmack" being used by a judge

[BumRushDaShow]

30. That Judge has an interesting background

Vice Chancellor Glasscock III

The Honorable Sam Glasscock III was appointed as Vice Chancellor in 2011 after having served as Master in Chancery from 1999 to 2011. He was born in Erie, Pennsylvania and spent most of his youth in Lewes, Delaware. He received a B.A. in History from the University of Delaware in 1979, a J.D. from Duke University in 1983 and a Master's Degree in Marine Policy from the University of Delaware in 1989. Before coming to the Court of Chancery, he worked as a judicial clerk, as an associate at Prickett, Jones, Elliott, Kristol & Schnee in the litigation section, as a Superior Court special discovery master and as a Deputy Attorney General in the Appeals Unit of the Department of Justice.

https://courts.delaware.gov/chancery/judges.aspx