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April 3, 2024 / 8:23 AM

Trump Media sues co-founders over shares, leadership

Former President Donald Trump departs from 40 Wall Street after holding a press conference in New York City on March 25. Trump Media is suing two of its co-founders. Photo by John Angelillo/UPI

Former President Donald Trump departs from 40 Wall Street after holding a press conference in New York City on March 25. Trump Media is suing two of its co-founders. Photo by John Angelillo/UPI | License Photo

April 3 (UPI) -- Trump Media & Technology Group sued two of its co-founders seeking to force them to give up their company and leadership.

Wesley Moss and Andrew Litinsky, both former contestants on Donald Trump's reality show The Apprentice, "failed spectacularly" in their leadership of the company and made "reckless and wasteful decisions" that damaged it, the lawsuit alleges.

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The court documents, filed in Florida, said the damage was enough for Moss and Litinsky to surrender their shares and for the court to declare they have no rights to appoint members to the company's board, along with awarding damages.

Moss and Litinsky's company, United Atlantic Ventures, owns 5.5% of Trump Media with control of more than 7.5 million shares worth$388 million, according to the Securities and Exchange Commission.

The two sued Trump Media earlier this year in Delaware Chancery Court claiming their stake should be more. They said they have a 2021 agreement signed by Trump at the company's founding that guarantees them an 8.6% share of Trump Media.

Trump has said, through a letter by Eric Trump, that he views the 2021 agreement as void.

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The lawsuit comes as shareholders of Digital World Acquisitions Corp. approved a high-profile merger with Trump Media, which is the parent of the social media site Truth Social. It began trading under DJT on the Nasdaq last week.

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