Trump sues Truth Social co-founders

Trump sues Truth Social co-founders, says they're not entitled to stock shares
https://www.nbcnews.com/politics/donald-trump/trump-sues-truth-social-co-founders-says-not-entitled-stock-shares-rcna146106

Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.

In papers filed last week in Florida state court, Trump Media & Technology Group Corp. argued that executives Wes Moss and Andy Litinsky made a series of costly mistakes that resulted in a long delay in the company’s going public and urged a judge to strip them of their shares in the company.

The pair, who were contestants on Trump's NBC show "The Apprentice," had pitched him on the idea of Truth Social after he was banned from what was then known as Twitter following the Jan. 6, 2021, attack on the Capitol.

Moss and Litinsky sued Trump's company in Delaware Chancery Court in February, alleging that he was trying to dilute their shares by increasing the total number of authorized shares in the firm from 120 million to 1 billion.

Trump Media shares started trading March 26, and at one point the stock price exceeded $79. It has since fallen, closing at $51.60 on Tuesday. The decline came after the company reported a net loss of $58.2 million on revenue of $4.1 million in 2023.