Helena Lyng Blak
7 weeks ago

Trump sues Truth Social Co-Founders

Trump Media stock on the decline.
Donald Trump in 2016: Joseph Sohm / Shutterstock.com
Donald Trump in 2016: Joseph Sohm / Shutterstock.com

Donald Trump has sued the co-founders of his social media site Truth Social, along with former ‘Apprentice’ contestants Andy Litinsky and Wes Moss.

It has been a bustling couple of weeks for the former president.

On Tuesday, he managed to post bond in the New York fraud case against him, after his deadline was extended by 10 days from March 25, and the bond itself was reduced from $454 million to $175 million.

Just a few days earlier, on March 26, Trump took Truth Social public after its now-parent company, Trump Media & Technology Group Corp (TMTG), merged with Digital World Acquisition.

And now, it has been reported that just a few days before that, on March 24, Trump sued his Truth Social co-founders, Litinsky and Moss.

According to the BBC, Truth Social was originally pitched by Litinsky and Moss, who had met the former president as contestants on the reality show ‘The Apprentice,’ which he hosted for 14 seasons, after he was banned from Twitter, now X, following his activities on the social media platform during the January 6 riots.

Trump’s lawsuit follows a complaint filed by Litinsky and Moss which attempted to prevent Trump from allegedly taking steps to reduce their stake in the company, as reported by AP. The two men had a combined stake of 8.6%.

On the other hand, Trump’s suit alleges that Litinsky and Moss mismanaged Truth Social in their daily operations of the platform, failing “spectacularly at every turn."

After soaring on its first day of trading, TMTG shares have declined throughout the week and are down roughly 33% over the last five days.

On March 25, TMTG reported $4.1 million in revenues and over $58 million in losses for 2023.

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