Trump Sues Truth Social Co-Founders, Seeks to Wipe Their Shares
By: Charisma Madarang (Rolling Stone)
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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That's rich coming from the man who bankrupted a casino
"like nobody has ever seen before"
Bigly
"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
the pied piper of suckers...
trumps view of the world ---- "mine"
And his supporters are feeding his extreme narcissism.
I sometimes regret being helpful to, and not taking advantage of, such gullible people in my previous sales career.
I regret not forming my own megachurch.. Could be on a yacht right now as opposed to do doing honest, actual work.
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.
... and he's a diehard trumpster now. you can't make that shit up...
The Guardian also reported yesterday the company was floated by loans from the Russian-American nephew of Putin (and a suspected money launderer)
trump is the best investment putin has ever made...
Da!
Here's an old Lincoln Project video, IIRC made during the 2016 U,S, presidential election. Biting satire.
IMO its one of their best:
It keeps getting better and better
I wonder if Stormy Daniel whispered in his ear about this "banking institution"
russiaa hoax! russia hoax!
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...
Well, they're always projecting, so.
Pretty sure that Trump is working on all new original sins at this point.
No.
are you suggesting that barron is now wearing an anal chastity belt?
oh wait, that's just a plug that looks like his dad...
... and smells like him.
A strangely appropriate lender for Trump.
CMTSU !
all the pieces fit.
a timely gift from one criminal to another...
hey wait a minute, isn't that the bank melania uses?
I was young and needed the work . . . lol
it was a very casual attire work environment, free meals, and all the lip balm and tic tacs she wanted...
... it led to a lot of lucrative side jobs and meeting influential people in the industry.
... her resume` claims an extensive background in the production and distribution of porn material.
... all over the place.
I love it when far right wing fascists eat their own.
shit eating shit...
... to pay for looking more like ivanka.
Another face lift and she'll have a beard
... a goatee.
That was a quote from Absolutely Fabulous - loved that show
Thought about bikini waxes afterwards
lol
They must appear pre-pubescent for the freak to have any interest
I guess the courts are good enough when he needs them.
trump probably still doesn't realize the difference between civil and criminal court.
Lol omg, this HAS to be the most transparent and blatant pump and dump in woirld history.
... a semi-legal grift.
"thanks for all your hard work on creating a social media site where I can't be banned. now gfy..."
... "how about some DJT stock in lieu of payment to settle?"
Looks like many of the Trump 'investors' have caught on.
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.
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 ...
Good point.
And not going to jail is great for a Trump executive (or attorney).
what a path of human destruction he leaves behind. hard to feel sympathy for those so willfully ignorant...
hard? oops, I meant impossible... F'm...
.
I have absolutely zero fucks to give regarding those willfully ignorant shitheads
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....
Theyu are all retarded.
Naivety and total trust in an individual. The perfect recipe for exploitation.
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.
another failed trump business, at the expense of gullible suckers....
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.
good thing trump has devin nunes to blame for everything that went wrong.
falling faster than his cognitive ability and presumption of innocence.
a maga swan dive into the sewage settling pond...
... with the rest of the maga floaters.
And those reckless wasteful decisions were the investment of any time or capital in any venture with Trump anywhere near it.
the human money pit...
DJT is rapidly approaching penny stock status.