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BumRushDaShow

(128,244 posts)
Tue Apr 2, 2024, 07:08 PM Apr 2

Trump Sues Truth Social Company Co-Founders to Zero Them Out

Source: Bloomberg

April 2, 2024 at 3:03 PM EDT
Updated on April 2, 2024 at 3:56 PM EDT


Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.

In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million.

The lawsuit, which was filed on March 24 in Florida state court and hasn’t previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company.

The legal fight is playing out amid wild swings in shares of Trump Media, which began trading last week after it merged with a special purpose acquisition company, known as a SPAC. The stock dropped 21% Monday after Trump Media disclosed in a securities filing a $58 million loss and a relative trickle of revenue for 2023, and reiterated a warning that it needed the money from the SPAC deal to keep operating.

Read more: https://www.bloomberg.com/news/articles/2024-04-02/trump-sues-co-founders-of-truth-social-media-company-over-shares?srnd=homepage-americas



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Trump Sues Truth Social Company Co-Founders to Zero Them Out (Original Post) BumRushDaShow Apr 2 OP
Gimme,.. gimme,.. gimme. Nothing for you,... all for me. magicarpet Apr 2 #1
Anyone? liberalgunwilltravel Apr 2 #2
Shhhhhhh yankee87 Apr 2 #13
And I'm assuming.... SergeStorms Apr 3 #21
or screwed? BadGimp Apr 4 #31
Without really know the details, I can tell you, the optics really suck for Don. OAITW r.2.0 Apr 2 #3
He's doing what they would love to do. Demobrat Apr 3 #20
Waiting for a collective ... flush. BadgerKid Apr 2 #4
It's ALL MINE. ALL MINE, ME ME ME. Irish_Dem Apr 2 #5
Full blown narcissism on display. PlutosHeart Apr 2 #12
Yes and also the sociopathy. Irish_Dem Apr 2 #14
This is what he will do if he gets back in the WH. Irish_Dem Apr 2 #6
Delicious SupportSanity Apr 2 #7
Who in god's name thought they could be partners with Trump and think... CincyDem Apr 2 #8
You could ask the lot of those idiots and they would say the same.... Bengus81 Apr 3 #25
Right....the "I'm so different" defense...lolol. And Rudy's their mascot, that's for sure. n/t CincyDem Apr 3 #26
Trump wanted Litinsky to gift his shares to Melania. tetedur Apr 2 #9
If you lie down with a pig, you will get up with poop Dorn Apr 2 #10
LOL! EVERYTHING about Trump is a shite show. CaptainTruth Apr 2 #11
Can someone explain why anyone who goes into partenership BlueKota Apr 2 #15
Typical Trump. dalton99a Apr 2 #16
for someone who pays so little in taxes eezapata Apr 2 #17
I wonder quakerboy Apr 2 #18
Have to say, not really feeling sorry for those two. It is not as if TRAITOR**'s niyad Apr 2 #19
Why these idiots trust that guy, is a question that will be asked for years. C Moon Apr 3 #22
Mine mine all mine!!!!!!! Yo_Mama_Been_Loggin Apr 3 #23
why do people do business with him? his track record is not good dembotoz Apr 3 #24
Delaware Judge was reportedly "gobsmacked" at learning of the former president pursuing separate litigatation LetMyPeopleVote Apr 4 #27
Court shopping BumRushDaShow Apr 4 #28
I am amused by the term "gobsmack" being used by a judge LetMyPeopleVote Apr 4 #29
That Judge has an interesting background BumRushDaShow Apr 4 #30

yankee87

(2,155 posts)
13. Shhhhhhh
Tue Apr 2, 2024, 08:46 PM
Apr 2

How dare you say something against the Messiah of the Stupid? He is going to sue you!!

Sort of sarcasm.

SergeStorms

(19,108 posts)
21. And I'm assuming....
Wed Apr 3, 2024, 12:51 AM
Apr 3

he'll be using MAGAt money to fund these lawsuits? His "save America" slush fund is being used for every other whim he has, so why not use it to pay off more Attorneys?

Trump must have every Attorney in Florida on retainer.

OAITW r.2.0

(24,230 posts)
3. Without really know the details, I can tell you, the optics really suck for Don.
Tue Apr 2, 2024, 07:23 PM
Apr 2

Looks like they did the heavy lifting to make this stock happen....and Trump is muscling them out of their ownership. I can't imagine that the Trump cult does not understand what this prick is doing.

Demobrat

(8,951 posts)
20. He's doing what they would love to do.
Wed Apr 3, 2024, 12:13 AM
Apr 3

When he screws people over they put themselves in his place, not the victim’s. They love it.

Irish_Dem

(46,335 posts)
14. Yes and also the sociopathy.
Tue Apr 2, 2024, 09:06 PM
Apr 2

Narcissistic sociopath in full display, yes.

Everything in the world revolves around Trump.
Everything belongs to him.

And then he will break every rule and commit crimes to get what he wants.

Irish_Dem

(46,335 posts)
6. This is what he will do if he gets back in the WH.
Tue Apr 2, 2024, 07:27 PM
Apr 2

All the money in the US belongs to Donald Trump.

Just like all the money in Russia is owned by Putin.

CincyDem

(6,323 posts)
8. Who in god's name thought they could be partners with Trump and think...
Tue Apr 2, 2024, 07:36 PM
Apr 2

…”oh, he won’t try to stiff me?”

Bengus81

(6,927 posts)
25. You could ask the lot of those idiots and they would say the same....
Wed Apr 3, 2024, 07:26 PM
Apr 3

Oh....he's done that before but it will ALL be different with me!!


Ask Rudy about that one.......

tetedur

(820 posts)
9. Trump wanted Litinsky to gift his shares to Melania.
Tue Apr 2, 2024, 07:43 PM
Apr 2

And Litinsky would have had a tax payment for his gift to her and he refused to do that. I wonder if that was the "agreement about the setup."

These two were with Trump since the Apprentice days. They put together the Truth Social. And now they are going to get screwed over. Good for them.

Dorn

(523 posts)
10. If you lie down with a pig, you will get up with poop
Tue Apr 2, 2024, 07:49 PM
Apr 2

Who in their right mind would ever work with DT?

Can the same be said of:
* Clinton
* Bernie Sanders
* Jimmy Carter
* Obama

BlueKota

(1,611 posts)
15. Can someone explain why anyone who goes into partenership
Tue Apr 2, 2024, 09:23 PM
Apr 2

with him or works for him thinks they will be immune from his vitriol when they make even the slightest move that displeases him?

It's like with Putin. One day someone thinks they're his ally and the next they' "accidentally,"trip and fall off a sky scraper or somehow end up getting plutonium injected into their arm on a park bench.

How naive do these people who trust Donny or Putin have to be?

niyad

(112,940 posts)
19. Have to say, not really feeling sorry for those two. It is not as if TRAITOR**'s
Tue Apr 2, 2024, 11:56 PM
Apr 2

behaviour is anything new. It is a well-known fact that he screws over just about every person who works with, or for him. Why would they think they would be the exception?

dembotoz

(16,783 posts)
24. why do people do business with him? his track record is not good
Wed Apr 3, 2024, 02:34 PM
Apr 3

folks think he will be different with them....



people are stupid

LetMyPeopleVote

(144,831 posts)
27. Delaware Judge was reportedly "gobsmacked" at learning of the former president pursuing separate litigatation
Thu Apr 4, 2024, 10:30 AM
Apr 4

TFG had been sued in Delaware earlier by Litinsky and Moss and so any claims that TFG had against these two persons needed to be litigated in Delaware. TFG's claims are compulsory counterclaims and TFG should be sanctioned for filing a separate lawsuit in Florida



https://www.alternet.org/trump-sues-business-partners/

Trump's lawsuit in Florida comes after Litinsky and Moss filed their own lawsuit against the former president in Delaware Chancery Court in February. The two investors accused Trump of orchestrating a scheme to "drastically dilute" the value of TMTG's shares in what they referred to as "11th hour, pre-merger corporate maneuvering." While Trump initially had control of 90% of the company and had 78 million shares in the company, his business partners alleged that he tried to inflate the number of shares to one billion, which would have reduced their stake to less than 1% of the company.

"[Litinsky and Moss' company was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," attorney, Christopher J. Clark told the Washington Post in February. "They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent."

Trump's business partners alleged that the former president's schemed to artificially create new shares to possibly then give to himself and his family members. Prior to going public last week, the SPAC that facilitated TMTG's merger told the Securities and Exchange Commission that the pending litigation could "negatively impact investor confidence and market perception."

According to Bloomberg, the fact that Trump filed a lawsuit in Florida rather than countersuing Litinsky and Moss in Delaware angered chancery court Judge Sam Glasscock III, who may sanction Trump over the suit. Glasscock was reportedly "gobsmacked" at learning of the former president pursuing separate litigation outside of his courtroom.

TFG believes that normal rules do not apply to him. This Delaware Chancery Court Judge will teach TFG lesson.

BumRushDaShow

(128,244 posts)
30. That Judge has an interesting background
Thu Apr 4, 2024, 11:16 AM
Apr 4
Vice Chancellor Glasscock III

The Honorable Sam Glasscock III was appointed as Vice Chancellor in 2011 after having served as Master in Chancery from 1999 to 2011. He was born in Erie, Pennsylvania and spent most of his youth in Lewes, Delaware. He received a B.A. in History from the University of Delaware in 1979, a J.D. from Duke University in 1983 and a Master's Degree in Marine Policy from the University of Delaware in 1989. Before coming to the Court of Chancery, he worked as a judicial clerk, as an associate at Prickett, Jones, Elliott, Kristol & Schnee in the litigation section, as a Superior Court special discovery master and as a Deputy Attorney General in the Appeals Unit of the Department of Justice.

https://courts.delaware.gov/chancery/judges.aspx


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