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Trump Launches Surprising Lawsuit Against Truth Social Co-Founders

via The Telegraph

Former President Donald Trump has sued two co-founders of Trump Media & Technology Group, the parent company of his Truth Social platform.

Trump alleges Andy Litinsky and Wes Moss improperly set up the company and do not deserve their 8.6% stake valued at $606 million.

Litinsky and Moss had previously sued Trump claiming they were promised a stake.

The company recently went public via a SPAC merger but reported a $58 million loss in 2023 with little revenue, causing its stock to drop 21%.

However, the stock partially recovered.

Trump’s 78% stake increased his net worth by $6 billion from the volatile trading.

Analysts say the company will need to boost quarterly revenue to sustain its high valuation which some argue is based more on Trump’s brand than fundamentals.

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