Trump sues Truth Social co-founders to win their stock shares

Palm Beach, Florida - Donald Trump is now suing the co-founders of his Trump Media and Technology Group, the parent company of his Truth Social platform.

Former President Donald Trump is suing two co-founders of his Trump Media company and has asked a judge to relinquish their shares.
Former President Donald Trump is suing two co-founders of his Trump Media company and has asked a judge to relinquish their shares.  © Collage: IMAGO / NurPhoto & JIM WATSON / AFP

According to NBC News, Trump filed a counter lawsuit on March 24 against Wes Moss and Andy Litinsky, arguing the two executives made several mistakes over the years that long delayed plans to make Truth Social go public.

The former president, the majority shareholder for Trump Media, urged the judge to strip them of their shares, which would effectively make him the sole owner of the company.

Moss and Litinsky, who both appeared on Trump's reality TV show The Apprentice in 2004, originally pitched the idea of Truth Social to Trump after he was banned from Twitter in 2021 following the January 6 Capitol riots.

Trump indictment in the balance as Supreme Court prepares to hear challenge to January 6 charges
Donald Trump Trump indictment in the balance as Supreme Court prepares to hear challenge to January 6 charges

The two filed a suit against Trump in February, arguing he was attempting to dilute their shares in the company.

Trump's countersuit claims they were only "riding President Trump's coattails" with their idea and that Truth Social "would have been impossible" without him.

The rise and fall of Donald Trump's Truth Social stock

Donald Trump's Truth Social went public in the stock market last month.
Donald Trump's Truth Social went public in the stock market last month.  © SCOTT OLSON / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

Trump's lawsuit came after Trump Media completed its merger with the shell company Digital World Acquisition, allowing Truth Social to begin trading in the stock market under the symbol DJT.

The stock quickly became a "meme stock," rising almost 60% at its peak after going public, as Trump supporters saw it as an opportunity to help him financially as he battles 88 criminal charges and other legal issues while also running for re-election.

Unfortunately, the stock has since seen massive drops after a financial filing revealed the company lost $58.2 million last year while only bringing in $4.1 million.

While winning Moss and Litinsky's shares would surely give Trump a much-needed financial bump, he won't be able to cash out on the stock until six months from the date it went public.

Cover photo: Collage: IMAGO / NurPhoto & JIM WATSON / AFP

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