Trump Sues Truth Social Co-founders, Seeking to Forfeit Their Shares

Trump Media & Technology Group, the parent company of Truth Social, has sued two of its co-founders, claiming they should forfeit their stakes in the company because of their mismanagement of the platform.

Trump Media, owned by former President Donald Trump, filed a lawsuit on March 24 in Florida state court against Wesley Moss, Andrew Litinsky, and their company, United Atlantic Ventures (UAV).

The lawsuit alleges that Mr. Moss and Mr. Litinsky—who were both contestants on President Trump’s reality TV show “The Apprentice”—failed “spectacularly” to establish corporate governance.

It states that they made “a series of reckless and wasteful decisions” when they tried to set up the company, causing “significant damage” to Trump Media and a decline in the stock price of its merger partner.

“UAV has recently claimed that under the Services Agreement, it is entitled to 8.6 percent of the Company’s total stock, free of dilution caused by issuance of new shares. That claim is baseless,” the suit reads.

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