"Trump Pressures Truth Social Co-Founders to Surrender Shares"

1 min read
Source: The Daily Beast
"Trump Pressures Truth Social Co-Founders to Surrender Shares"
Photo: The Daily Beast
TL;DR Summary

Donald Trump has filed a lawsuit against his Truth Social co-founders, Andy Litinsky and Wes Moss, seeking to take over their 8.6 percent stake in the company, valued at approximately $606 million, alleging they mishandled their duties. Litinsky and Moss had previously sued Trump, claiming he schemed to deprive them of their rightful stake. Truth Social's much-hyped launch was dampened by SEC filings revealing significant losses, causing share price volatility. Trump's stake in the company has boosted his projected net worth, but he is unable to cash out for six months due to an agreement with a special purpose acquisition company.

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