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Trump Sues Truth Social Co-Founders, Seeks to Wipe Their Shares

  
Via:  Trout Giggles  •  3 months ago  •  67 comments

By:   Charisma Madarang (Rolling Stone)

Trump Sues Truth Social Co-Founders, Seeks to Wipe Their Shares
Donald Trump sued two of his co-founders at Truth Social, which went public in late March.

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S E E D E D   C O N T E N T


Donald Trumps ued two of his co-founders at Truth Social , his social media platform of choice for tantrums and meltdowns , in a move to swoop up their stake in the company, which went public in late March.

Trump Media & Technology Group (TMTG), the parent company of Truth Social, filed a lawsuit in Florida state court against The Apprentice  star Andy Litinsky and Wes Moss on March 24, which was first reported by Bloomberg Tuesday, accusing them of making a “series of reckless and wasteful decisions at a critical time” that caused “significant damage” to the company and a “decline in the stock prices of its merger.”

The suit alleges that Litinsky and Moss “failed spectacularly” at running day-to-day operations, including failing to set up Trump Media’s corporate governance structure, launch the Truth Social platform, and find a publicly traded merger partner. The suit argues that Litinsky and Moss — who were to receive 8.6 million shares in the new company, through United Atlantic Ventures — should be wiped of their stake.

The filing follows the co-founders’ own suit against Trump in Delaware, which claims TMTG was attempting to dilute their shares .

Although Truth Social’s stock soared after  going public last week  following the merger of TMTG with its blank check funding partner Digital World Acquisition Corp, on Monday, TMGT share prices plummeted after the company’s financials went public

According  to filings  made to the U.S. Securities and Exchange Commission, the social media company reported a net loss of $58,189,200 in 2023, alongside a more than $50 million loss in 2022. The company brought in only about $5.4 million in gross profit over the two-year period. 

Although Trump will not be allowed to sell his shares in the company for at least six months, the valuation of Truth Social could become a crucial financial lifeline in his struggle to pay off a mountain of legal expenses stemming from his plethora of civil and criminal court cases .


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Trout Giggles
Professor Principal
1  seeder  Trout Giggles    3 months ago
The suit alleges that Litinsky and Moss “failed spectacularly” at running day-to-day operations,

That's rich coming from the man who bankrupted a casino

 
 
 
devangelical
Professor Principal
1.1  devangelical  replied to  Trout Giggles @1    3 months ago
the man who bankrupted a casino

"like nobody has ever seen before"

 
 
 
Kavika
Professor Principal
1.1.1  Kavika   replied to  devangelical @1.1    3 months ago
"like nobody has ever seen before"

Bigly

 
 
 
devangelical
Professor Principal
1.1.2  devangelical  replied to  Kavika @1.1.1    3 months ago

"everybody said it was the most amazing thing"

busting out his own biz, suing his partners, and stiffing the vendors is the wannabe mob boss's business model

 
 
 
devangelical
Professor Principal
1.1.3  devangelical  replied to  devangelical @1.1.2    3 months ago

the pied piper of suckers...

 
 
 
JohnRussell
Professor Principal
2  JohnRussell    3 months ago

trumps view of the world  ---- "mine"

 
 
 
TᵢG
Professor Principal
2.1  TᵢG  replied to  JohnRussell @2    3 months ago

And his supporters are feeding his extreme narcissism.

 
 
 
devangelical
Professor Principal
2.1.1  devangelical  replied to  TᵢG @2.1    3 months ago

I sometimes regret being helpful to, and not taking advantage of, such gullible people in my previous sales career.

 
 
 
Thrawn 31
Professor Guide
2.1.2  Thrawn 31  replied to  devangelical @2.1.1    3 months ago

I regret not forming my own megachurch.. Could be on a yacht right now as opposed to do doing honest, actual work.

 
 
 
devangelical
Professor Principal
2.1.3  devangelical  replied to  Thrawn 31 @2.1.2    3 months ago

I told one of my perpetually cash strapped, drug addled, hooker soliciting friends decades ago, that was looking for easy money, to buy a catholic church franchise in jest. four years ago I found him on FB with his own evangelical church. now he has a daily religious podcast, and he's married to a drug addled ex-hooker.

 
 
 
devangelical
Professor Principal
2.1.4  devangelical  replied to  devangelical @2.1.3    3 months ago

... and he's a diehard trumpster now. you can't make that shit up...

 
 
 
evilone
Professor Guide
3  evilone    3 months ago

The Guardian also reported yesterday the company was floated by loans from the Russian-American nephew of Putin (and a suspected money launderer)

But Trump Media almost did not make it to the merger after regulators opened a securities investigation into the merger in 2021 and caused the company to burn through cash at an extraordinary rate as it waited to get the green light for its stock market debut.

The situation led Trump Media to take emergency loans, including from an entity called ES Family Trust, which opened an account with Paxum Bank, a small bank registered on the   Caribbean   island of Dominica that is best known for providing financial services to the porn industry.

Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company for a Russian-American businessman named Anton Postolnikov, who co-owns Paxum Bank and has been a subject of a years-long joint federal criminal investigation by the FBI and the Department of Homeland Security (DHS) into the Trump Media merger.

Paxum Bank does not offer loans in the US as it lacks a US banking license and is not regulated by the FDIC. Postolnikov appears to have used the trust to loan money to help save Trump Media – and the Truth Social platform – because his bank itself could not furnish the loan.

Postolnikov, the nephew of Aleksandr Smirnov, an ally of the Russian president,   Vladimir Putin, has not been charged with a crime. In response to an email to Postolnikov seeking comment, a lawyer in Dominica representing Paxum Bank warned of legal action for reporting the contents of the leaked documents.

 
 
 
devangelical
Professor Principal
3.1  devangelical  replied to  evilone @3    3 months ago

trump is the best investment putin has ever made...

 
 
 
Tessylo
Professor Principal
3.1.1  Tessylo  replied to  devangelical @3.1    3 months ago

Da!

 
 
 
Krishna
Professor Expert
3.1.2  Krishna  replied to  devangelical @3.1    3 months ago
trump is the best investment putin has ever made...

Here's an old Lincoln Project video, IIRC made during the 2016 U,S, presidential election. Biting satire.

IMO its one of their best:

 
 
 
Trout Giggles
Professor Principal
3.2  seeder  Trout Giggles  replied to  evilone @3    3 months ago

It keeps getting better and better

Paxum Bank, a small bank registered on the   Caribbean   island of Dominica that is best known for providing financial services to the porn industry.

I wonder if Stormy Daniel whispered in his ear about this "banking institution"

 
 
 
devangelical
Professor Principal
3.2.1  devangelical  replied to  Trout Giggles @3.2    3 months ago

russiaa hoax! russia hoax!

 
 
 
JohnRussell
Professor Principal
3.3  JohnRussell  replied to  evilone @3    3 months ago

is there any financial wrongdoing Trump has not committed ? 

 
 
 
evilone
Professor Guide
3.3.1  evilone  replied to  JohnRussell @3.3    3 months ago
is there any financial wrongdoing Trump has not committed ? 

It's suspect, but as we know it it isn't exactly illegal. It does sound very similar to what some Republicans are accusing Biden of. Getting money from foreign business associates and running them through shell companies...

 
 
 
Tessylo
Professor Principal
3.3.2  Tessylo  replied to  evilone @3.3.1    3 months ago

Well, they're always projecting, so.

 
 
 
cjcold
Professor Quiet
3.3.3  cjcold  replied to  JohnRussell @3.3    3 months ago

Pretty sure that Trump is working on all new original sins at this point.

 
 
 
Krishna
Professor Expert
3.3.4  Krishna  replied to  JohnRussell @3.3    3 months ago
is there any financial wrongdoing Trump has not committed ? 

No.

 
 
 
devangelical
Professor Principal
3.3.5  devangelical  replied to  cjcold @3.3.3    3 months ago

are you suggesting that barron is now wearing an anal chastity belt?

 
 
 
devangelical
Professor Principal
3.3.6  devangelical  replied to  devangelical @3.3.5    3 months ago

oh wait, that's just a plug that looks like his dad...

 
 
 
devangelical
Professor Principal
3.3.7  devangelical  replied to  devangelical @3.3.6    3 months ago

... and smells like him.

 
 
 
Split Personality
Professor Guide
3.4  Split Personality  replied to  evilone @3    3 months ago
Feeling the  pressure , Trump Media took out the emergency loans from an entity called ES Family Trust, which opened an account with Paxum Bank, a small bank registered on the Caribbean island of Dominica that is widely recognized,  according  to The Guardian, for offering financial services to the porn industry. Truth Social Bailed Out by Russian-American Porn Funder Under Criminal Probe: Report | HNGN - Headlines & Global News

A strangely appropriate lender for Trump.

CMTSU !

 
 
 
devangelical
Professor Principal
3.4.1  devangelical  replied to  Split Personality @3.4    3 months ago

all the pieces fit.

a timely gift from one criminal to another...

 
 
 
devangelical
Professor Principal
3.4.2  devangelical  replied to  Split Personality @3.4    3 months ago
Paxum Bank, a small bank registered on the Caribbean island of Dominica that is widely recognized,  according  to The Guardian, for offering financial services to the porn industry

hey wait a minute, isn't that the bank melania uses?

 
 
 
Tessylo
Professor Principal
3.4.3  Tessylo  replied to  devangelical @3.4.2    3 months ago

I was young and needed the work . . . lol

 
 
 
devangelical
Professor Principal
3.4.4  devangelical  replied to  Tessylo @3.4.3    3 months ago

it was a very casual attire work environment, free meals, and all the lip balm and tic tacs she wanted...

 
 
 
devangelical
Professor Principal
3.4.5  devangelical  replied to  devangelical @3.4.4    3 months ago

... it led to a lot of lucrative side jobs and meeting influential people in the industry.

 
 
 
devangelical
Professor Principal
3.4.6  devangelical  replied to  devangelical @3.4.5    3 months ago

... her resume` claims an extensive background in the production and distribution of porn material.

 
 
 
devangelical
Professor Principal
3.4.7  devangelical  replied to  devangelical @3.4.6    3 months ago

... all over the place.

 
 
 
cjcold
Professor Quiet
3.4.8  cjcold  replied to  devangelical @3.4.1    3 months ago

I love it when far right wing fascists eat their own.

 
 
 
devangelical
Professor Principal
3.4.9  devangelical  replied to  cjcold @3.4.8    3 months ago

shit eating shit...

 
 
 
devangelical
Professor Principal
3.4.10  devangelical  replied to  Tessylo @3.4.3    3 months ago
I was young and needed the work

... to pay for looking more like ivanka.

 
 
 
Tessylo
Professor Principal
3.4.11  Tessylo  replied to  devangelical @3.4.10    3 months ago

Another face lift and she'll have a beard

 
 
 
devangelical
Professor Principal
3.4.12  devangelical  replied to  Tessylo @3.4.11    3 months ago

... a goatee.

 
 
 
Tessylo
Professor Principal
3.4.13  Tessylo  replied to  devangelical @3.4.12    3 months ago

That was a quote from Absolutely Fabulous - loved that show

Thought about bikini waxes afterwards

lol

 
 
 
Tessylo
Professor Principal
3.4.14  Tessylo  replied to  devangelical @3.4.12    3 months ago

They must appear pre-pubescent for the freak to have any interest

 
 
 
SteevieGee
Professor Silent
4  SteevieGee    3 months ago

I guess the courts are good enough when he needs them.

 
 
 
devangelical
Professor Principal
4.1  devangelical  replied to  SteevieGee @4    3 months ago

trump probably still doesn't realize the difference between civil and criminal court.

 
 
 
Thrawn 31
Professor Guide
5  Thrawn 31    3 months ago

Lol omg, this HAS to be the most transparent and blatant pump and dump in woirld history. 

 
 
 
devangelical
Professor Principal
5.1  devangelical  replied to  Thrawn 31 @5    3 months ago

... a semi-legal grift.

 
 
 
devangelical
Professor Principal
6  devangelical    3 months ago

"thanks for all your hard work on creating a social media site where I can't be banned. now gfy..."

 
 
 
devangelical
Professor Principal
6.1  devangelical  replied to  devangelical @6    3 months ago

... "how about some DJT stock in lieu of payment to settle?"

 
 
 
TᵢG
Professor Principal
6.1.1  TᵢG  replied to  devangelical @6.1    3 months ago

Looks like many of the Trump 'investors' have caught on.

800

There will likely be another series of waves as the die-hards give up hope (get a glimpse of reality) and try to save what is left of their investment.

Every one of them bought the stock at more than $50 per share.    

 
 
 
devangelical
Professor Principal
6.1.2  devangelical  replied to  TᵢG @6.1.1    3 months ago

to be fair, losing half their money on the way out the door looks like a pretty good return for an investor in any trump business ...

 
 
 
TᵢG
Professor Principal
6.1.3  TᵢG  replied to  devangelical @6.1.2    3 months ago

Good point.   

And not going to jail is great for a Trump executive (or attorney).

 
 
 
devangelical
Professor Principal
6.1.4  devangelical  replied to  TᵢG @6.1.3    3 months ago

what a path of human destruction he leaves behind. hard to feel sympathy for those so willfully ignorant...

 
 
 
devangelical
Professor Principal
6.1.5  devangelical  replied to  devangelical @6.1.4    3 months ago

hard? oops, I meant impossible... F'm...

 
 
 
devangelical
Professor Principal
6.1.6  devangelical  replied to  devangelical @6.1.5    3 months ago

.

 
 
 
Tessylo
Professor Principal
6.1.7  Tessylo  replied to  devangelical @6.1.5    3 months ago

I have absolutely zero fucks to give regarding those willfully ignorant shitheads

 
 
 
Thrawn 31
Professor Guide
6.1.8  Thrawn 31  replied to  TᵢG @6.1.1    3 months ago

It is trtuly amazing. Every one of Trump's business ventures has gone down in flames (he was always in charge, but no connection of course), and yet people STILL give him their money. This was a blatant pump and dump from the get go and yet....

 
 
 
Thrawn 31
Professor Guide
6.1.9  Thrawn 31  replied to  TᵢG @6.1.1    3 months ago

Theyu are all retarded.

 
 
 
TᵢG
Professor Principal
6.1.10  TᵢG  replied to  Thrawn 31 @6.1.8    3 months ago

Naivety and total trust in an individual.    The perfect recipe for exploitation.

 
 
 
TᵢG
Professor Principal
7  TᵢG    3 months ago

800

Another loser day.    Realistically most of Trump's die hard supporters (and those who naively bet on Trump) who bought this stock early would have paid upwards of $70 per share.   Waiting a few days would have still been above $60  per share.   Then the bottom fell out and the stock did a nose dive down to under $33 per share as of today.

Note that professional investors and other connected individuals could acquire the stock pre-IPO and see quite a surge on IPO day.   But if they held their stock (which I doubt) they would be seriously underwater now.

This could easily wind up being delisted.

 
 
 
devangelical
Professor Principal
7.1  devangelical  replied to  TᵢG @7    3 months ago

another failed trump business, at the expense of gullible suckers....

 
 
 
TᵢG
Professor Principal
7.1.1  TᵢG  replied to  devangelical @7.1    3 months ago

It was a failure before the IPO.   

Thing is, Truth Social does have the capability of being a decent business.   But I do not expect that to ever happen.   It is running, right now, on the fumes of Trump's reputation.   

 
 
 
devangelical
Professor Principal
7.1.2  devangelical  replied to  TᵢG @7.1.1    3 months ago

good thing trump has devin nunes to blame for everything that went wrong.

 
 
 
devangelical
Professor Principal
7.1.3  devangelical  replied to  devangelical @7.1.2    3 months ago

falling faster than his cognitive ability and presumption of innocence.

 
 
 
devangelical
Professor Principal
7.1.4  devangelical  replied to  TᵢG @7.1.1    3 months ago
the fumes of Trump's reputation

 
 
 
devangelical
Professor Principal
8  devangelical    3 months ago

a maga swan dive into the sewage settling pond...

 
 
 
devangelical
Professor Principal
8.1  devangelical  replied to  devangelical @8    3 months ago

... with the rest of the maga floaters.

 
 
 
Thomas
Masters Guide
9  Thomas    3 months ago
Trump Media & Technology Group (TMTG), the parent company of Truth Social, filed a lawsuit in Florida state court against  The Apprentice   star Andy Litinsky and Wes Moss on March 24, which was first reported by  Bloomberg   Tuesday, accusing them of making a “series of reckless and wasteful decisions at a critical time” that caused “significant damage” to the company and a “decline in the stock prices of its merger.”

And those reckless wasteful decisions were the investment of any time or capital in any venture with Trump anywhere near it.

 
 
 
devangelical
Professor Principal
9.1  devangelical  replied to  Thomas @9    3 months ago

the human money pit...

 
 
 
devangelical
Professor Principal
10  devangelical    3 months ago

DJT is rapidly approaching penny stock status.

 
 

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