Former U.S. President Donald Trump has filed a lawsuit against the co-founders of his media company, Trump Media & Technology (NASDAQ:DJT), alleging that they have failed to fulfill their obligations, thus forfeiting their stock.
What Happened: Trump has taken legal action against Andy Litinsky and Wes Moss, who are accused of not upholding their responsibilities in setting up the governance structure of Trump Media, launching the Truth Social platform, and finding a suitable merger partner, as reported by Bloomberg. This, Trump claims, has caused damage to the company.
The lawsuit, filed on Mar. 24 in a Florida state court, argues that Litinsky and Moss should not receive their 8.6% stake in the company.
Trump argued that the duo “began ceaseless attempts to thwart” the SPAC merger in the interest of their stakes.
The legal battle is unfolding amid significant fluctuations in Trump Media’s shares, which plummeted by 21% after the company revealed a $58 million loss and minimal revenue for 2023.
See Also: Trump …
Full story available on Benzinga.com
Former U.S. President Donald Trump has filed a lawsuit against the co-founders of his media company, Trump Media & Technology (NASDAQ:DJT), alleging that they have failed to fulfill their obligations, thus forfeiting their stock.
What Happened: Trump has taken legal action against Andy Litinsky and Wes Moss, who are accused of not upholding their responsibilities in setting up the governance structure of Trump Media, launching the Truth Social platform, and finding a suitable merger partner, as reported by Bloomberg. This, Trump claims, has caused damage to the company.
The lawsuit, filed on Mar. 24 in a Florida state court, argues that Litinsky and Moss should not receive their 8.6% stake in the company.
Trump argued that the duo “began ceaseless attempts to thwart” the SPAC merger in the interest of their stakes.
The legal battle is unfolding amid significant fluctuations in Trump Media’s shares, which plummeted by 21% after the company revealed a $58 million loss and minimal revenue for 2023.
See Also: Trump …
Full story available on Benzinga.com
Former U.S. President Donald Trump has filed a lawsuit against the co-founders of his media company, Trump Media & Technology (NASDAQ:DJT), alleging that they have failed to fulfill their obligations, thus forfeiting their stock.
What Happened: Trump has taken legal action against Andy Litinsky and Wes Moss, who are accused of not upholding their responsibilities in setting up the governance structure of Trump Media, launching the Truth Social platform, and finding a suitable merger partner, as reported by Bloomberg. This, Trump claims, has caused damage to the company.
The lawsuit, filed on Mar. 24 in a Florida state court, argues that Litinsky and Moss should not receive their 8.6% stake in the company.
Trump argued that the duo “began ceaseless attempts to thwart” the SPAC merger in the interest of their stakes.
The legal battle is unfolding amid significant fluctuations in Trump Media’s shares, which plummeted by 21% after the company revealed a $58 million loss and minimal revenue for 2023.
See Also: Trump …Full story available on Benzinga.com Read MoreDJT, Donald Trump, Equities, Kaustubh Bagalkote, News, Social Media, TRUTH Social, Markets, DJT, News, Equities, Social Media, Markets, Benzinga Markets
