Former President Donald Trump’s social media company has reportedly filed a lawsuit against two co-owners of the application Truth Social to make them forfeit their shares and any claim to ownership of the company.
Trump Media & Technology Group filed the lawsuit near the end of March against Wesley Moss and Andrew Litinsky, co-founders of Truth Social and previous contestants on Trump’s television show The Apprentice. The lawsuit alleges that the two made decisions that hurt the company, as reported by ABC News.
The suit requests Moss and Litinsky return their shares of the company due to “reckless and wasteful decisions” that caused “significant damage” to the company.
“TMTG has been forced to file this action to remedy the harm inflicted upon it by two faithless fiduciaries and a company they own — Wesley Moss, Andrew Litinsky, and [United Atlantic Ventures] — and to halt their ongoing attempts to do even more damage,” the lawsuit reads, per ABC News.
It further alleges that Truth Social presented a “phenomenal opportunity for Moss and Litinsky,” alleging that the two were instead “riding President Trump’s coattails.”
“Without President Trump, Truth Social would have been impossible,” the lawsuit claims, per CNN.
Moss and Litinsky were set to receive a combined 8.6 million company shares through United Atlantic Ventures. At the April 2 closing price of $51.60, this would have been valued at roughly $444 million, per CNN.
Filings with the U.S. Securities and Exchange Commission indicate that Trump currently owns 57% of the company, valued at an estimated $4.02 billion, reported Bloomberg.
This lawsuit comes shortly after Moss and Litinsky filed their own lawsuit against Trump Media & Technology Group, alleging that the former president was planning to dilute each of their shares.
The pair alleged in their lawsuit that the company was planning to increase the number of authorized shares from 120 million to 1 billion, which would significantly decrease the value of the shares already owned by Moss and Litinsky, per NBC News.
