Internet trolls Trump as he sues Truth Social co-founders over shares, accuses them of mismanagement

PALM BEACH, FLORIDA: In a legal saga that reads like a high-stakes drama, Trump Media & Technology Group has taken legal action against its co-founders, Wesley Moss and Andrew Litinsky, alleging significant mismanagement and attempts to undermine the company's progress.

Filed in Sarasota County, Florida, the lawsuit seeks to prevent Moss and Litinsky from exerting further influence on the company's affairs, citing their purported failure to fulfill their obligations and their subsequent efforts to derail the company's trajectory.

Trump's role in Trump Media

"This was a phenomenal opportunity for Moss and Litinsky," the lawsuit asserts, highlighting the pivotal role of former President Donald Trump in catalyzing the company's endeavors. "Without President Trump, Truth Social would have been impossible," it contends.

The legal complaint, initially reported by Bloomberg, accuses Moss and Litinsky of neglecting crucial corporate governance measures and faltering in securing a special purpose acquisition company (SPAC) to facilitate the company's public debut and secure necessary funding.

A contentious point in the legal battle revolves around the ownership stakes. Moss and Litinsky claim entitlement to an 8.6% share of Trump Media's total stock, citing a 2021 agreement signed with a company they founded, United Atlantic Ventures, LLC.

This claim, if upheld, would represent a substantial financial interest, valued at approximately $601 million based on DJT's closing price.

However, tensions escalated further when Moss and Litinsky - both former contestants on Trump's former reality TV show 'The Apprentice' - initiated legal proceedings against Trump Media in Delaware Chancery Court over their stake in the company.

The timing of these lawsuits coincided with pivotal moments in Trump Media's journey, notably around the time of Digital World Acquisition Corp's merger with Trump Media, resulting in the latter's public listing under the ticker DJT.

The surge in stock value was short-lived, as Trump Media revealed a significant net loss of $58.2 million in 2023, triggering a sharp decline in share prices.

Trump Media's lawsuit in Florida seeks damages for what it alleges are Moss and Litinsky's breaches of fiduciary duty. Patrick Orlando, founder of DWAC, is also named as a co-defendant, accused of complicity in these breaches.

The lawsuit paints a damning picture of Moss and Litinsky's management, accusing them of ineptitude and poor decision-making, which purportedly caused harm to Trump Media and contributed to a decline in DWAC's stock price.

Internet blasts Trump over Truth Social woes

The legal battle has sparked a flurry of reactions on social media. Critics of Trump seized the opportunity to lambast the former president's business dealings.

Trump's critics had a field day on social media after it emerged that the former President was suing Truth Social's co-founders.

"He hates to lose so badly," one posted on X.

"You gotta ask yourself…. Why would anyone go into business with Trump? It’s not like they didn’t have plenty of warning," another wrote.

"Has he ever had a positive business relationship with anyone outside his family?" a comment read.

"Omg this man is a great businessman. This is exactly who we need running this Country," someone else quipped.

"There is literally no chance that everybody did not see this coming," another added.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.