The co-founders of Donald Trump’s media company, deeply involved in the former president’s Truth Social platform, have now filed a lawsuit accusing the scandal-plagued former president of trying to screw them through an alleged scheme to lock them out of their stake in the company that’s worth potential millions, as an impending merger to go public draws near.
Trump Media & Technology Group, the parent company and owner of Donald’s Truth Social social media platform that’s only seen mediocre success has long been attempting to merge with Digital World Acquisition, a special purpose acquisition company, and ultimately go public — a move that, if successful, could land the company a value of more than $3 billion.
Now, as reported today by the Washington Post, Trump appears to be doing all he can to hold onto as much of that potential cash for himself as possible.
Andy Litinsky and Wes Moss first met the infamous Donald J. Trump when they appeared as contestants on his now-defunct reality TV show, The Apprentice. Eventually, the pair pitched the idea of a social media platform to the now-former president, after he found himself kicked and banned from Twitter, now known as X following Elon Musk’s purchase of the platform, due to his public rhetoric in tweets surrounding and during the violent January 6th attack at the Capitol.
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According to a new lawsuit filed by Litinsky and Moss, Trump was given a whopping 90 percent of the company upon launch, with the co-founders taking 8.6 percent, and Bradford Cohen, an attorney involved in the deal, was given the remaining 1.4 percent.
Washington Post reports, “[United Atlantic Ventures] launched the Trump Media business, hired employees and raised funding while receiving no ‘fee or payment for its work,’ the motion said.”
“And though Litinsky and Moss left Trump Media that year amid a dispute with its current leadership, UAV retained its shares, according to a Securities and Exchange Commission filing this month from Digital World.”
UAV’s attorneys filed a motion stating that Trump was slated to receive 78 million shares, with a total worth of $3.5 billion, if and/or when the merger was successful. However, UAV now says that the former president, who’s already drowning in scandals and legal fees as it is, tried to “drastically dilute” the co-founders’ stake in an “11th hour, pre-merger corporate maneuvering” tactic and that the “dilution scheme” had “no legitimate business purpose.”
The partnership’s lead attorney, Christopher J. Clark of Clark Smith Villazor, told WaPo that UAV was “promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege.”
“They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent.”
You can read the full report from the Washington Post here.
Featured image via Political Tribune Gallery
