Trump Media sues former "Apprentice" contestants and Truth Social co-founders to strip them of shares
CBSN
Former President Donald Trump's media business is suing two of its co-founders, who were also contestants on Trump's reality show "The Apprentice," alleging that they mismanaged the business and should be stripped of their shares in the newly public company.
The lawsuit was filed March 24 in Florida state court, just one day before Trump Media & Technology Group debuted on the Nasdaq stock market. Trump Media, whose main asset is the fledgling social media platform Truth Social, soared in its first two days of trading and currently has a valuation of about $6.8 billion.
The Trump Media & Technology Group lawsuit alleges that co-founders, Andy Litinsky and Wes Moss, "failed spectacularly" at setting up the business and creating an effective corporate governance structure. As part of their initial deal with Trump, the co-founders had received 8.6 million shares of Trump Media, currently valued at $432 million, which the lawsuit is seeking to claw back.
