Trump sues Truth Social co-founders, claims former ‘Apprentice’ contestants should lose their stock
NY Post
Donald Trump sued two of his fellow co-founders of his newly public Trump Media & Technology Group Corp. (TMTG) alleging that because they set the company up improperly they aren’t entitled to any stock in it.
The lawsuit filed late last month in Florida state court claims Andy Litinsky and Wes Moss — who were both contestants on Trump’s NBC reality TV series “The Apprentice” — violated an agreement about the setup of TMTG and don’t deserve their 8.6% stake.
Their shares are currently valued at a collective $606 million, according to Bloomberg.
The duo also made a series of costly mistakes “that caused significant damage to TMTG and a decline in the stock price of its merger partner,” according to the lawsuit.
After TMTG’s flashy stock market debut under the ex-president’s initials “DJT,” it surged to more than $70 before closing at roughly $66 a share on March 27. So far this week, however, prices have plunged and the company closed at $51.60 on Tuesday.
Trump blamed Moss and Litinsky in the court filing for the firm’s losses, where he alleged that they “failed spectacularly at every turn,” including when “they failed to get the corporate governance established” in TMTG’s early days.
