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Trump sues Real Communities co-founder and asks court to cancel stockholding

former PresidenttrumpTrump Media & Technology Group, the parent company of the self-built social platform “Truth Social”, recently went public. Trump filed a lawsuit against its two co-founders in Florida last week. The company requested the court to cancel the two people’s shareholding, citing “improper management” in the early days after its founding.

The complaint alleges that Wes Moss and Andy Litinsky made several costly wrong decisions, which caused serious delays in the company’s IPO schedule, and that their stake in the company should have been canceled.

Moss and Litinsky both participated in the NBC reality show “The Apprentice,” which Trump once produced and hosted. Following the Capitol riots on January 6, 2021, Trump was blocked by mainstream social media such as Twitter. Moss and Litinsky proposed to Trump to create his own social platform in the form of a voice channel.

According to court records, Trump issued a speech on March 24FloridaThe court sued Moss and Litinsky, accusing them of failing to establish a company management structure and failing to find a special purpose acquisition company (SPAC) to help take the new company public as quickly as possible so that the company would be more Can get cash.

The lawsuit states that Moss and Litinsky have been given a rare opportunity to start a business while still being around Trump. “Without Trump, ‘real community’ wouldn’t be possible.”

However, Moss and Litinsky had already filed a lawsuit against Trump in the Delaware Chancery Court in February this year. The lawsuit accuses Trump of diluting Real Communities’ shares and increasing the total number of shares issued from 120 million to 1 billion shares in an effort to reduce the impact of the two men’s shareholdings.

The “Trump Media Technology Group” was announced on March 26 under Trump’s initials “DJT”.Nasdaq(Nasdaq) exchange was listed for trading, and the stock price once rose to 79 yuan. However, after the listing, the financial explosion revealed that “Real Community” actually suffered a loss of 58.2 million yuan in 2023, and the closing stock price was 51.60 yuan on the 2nd.

United States(TagstoTranslate)Trump(T)Florida(T)Nasdaq

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