• Tue. Apr 23rd, 2024

Trump Media & Technology Group: A Legal Battle Over Stakeholder Disputes and Corporate Governance

BySamantha Jones

Apr 3, 2024
Lawsuit Filed by Donald Trump Against Co-Founders of Trump Media & Technology Group, Andy Litinsky and Wes Moss

Trump Media & Technology Group, the parent company of Truth Social, has been at the center of a legal battle between its co-founders, Andy Litinsky and Wes Moss, and former CEO Donald Trump. In a lawsuit filed in Delaware Court of Chancery, Trump accused Litinsky and Moss of mishandling an attempt to take the company public years ago, which caused a delay in the project for more than a year and a half.

Litinsky and Moss, who appeared on Trump’s reality-TV show “The Apprentice,” had previously filed a complaint in February to prevent Trump from reducing their combined 8.6% stake in the company. However, their lawsuit was unsuccessful, and they were eventually forced to sell their shares back to the company.

Trump’s lawsuit also criticizes Litinsky and Moss for their Delaware suit against him, which aimed to block Trump Media’s successful plan to go public by merging with Digital World Acquisition. Despite this setback, Trump Media’s shares have experienced fluctuation since its market debut. Most recently, the stock closed at $51.60, up 6%, valuing the company at $5.9 billion.

Despite this success, the ongoing legal battle with Litinsky and Moss continues to be a point of contention for many investors in the company. The case highlights the importance of proper corporate governance and accountability in any publicly traded company.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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