Trump Media cofounders accuse Trump of cutting them out of Truth Social shares in lawsuit

United Atlantic Ventures alleges that Trump Media & Technology Group engaged in ‘wrongful 11th hour … maneuvering’ to dilute UAV’s minority stake in the media company

Maroosha Muzaffar
Friday 01 March 2024 08:12 GMT
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The co-founders of Donald Trump’s media venture sued him on Wednesday, alleging a plot to deny them a significant share in the company potentially worth hundreds of millions, according to reports.

This comes amid efforts by Trump Media & Technology Group (TMTG) – the entity behind Truth Social – to merge with Digital World Acquisition Corp (DWAC) and go public, a move that could value Mr Trump’s stake at over $3bn.

The partnership, United Atlantic Ventures (UAV), alleges that Trump Media & Technology Group engaged in “wrongful 11th hour … maneuvering” to dilute UAV’s minority stake in the media company, a court filing said.

The lawsuit was filed in Delaware Court of Chancery and alleged that Mr Trump’s media company recently attempted to dilute the share of Trump Media and Technology Group co-founders.

The lawsuit alleges that when Andy Litinsky and Wes Moss pitched the idea to the former president they agreed he would receive 90 per cent of the company’s stake and the pair and an attorney on the deal would split the remaining 10 per cent stake, instead of receiving “fee or payment for (their) work” in starting the company.

UAV, formed by Mr Litinsky and Mr Moss, approached Trump in February 2021 with the concept for Trump Media after the ex-president was barred from Twitter and Facebook in the wake of the January 6 Capitol riot.

Mr Litinsky and Mr Moss both competed on Trump’s TV show, “The Apprentice”.

TMTG subsequently developed and introduced Truth Social, a social media platform that became Mr Trump’s primary medium for public communication.

“The attempt here is to deprive them of the deal,” Christopher Clark, the lawyer for UAV in the partnership’s Delaware lawsuit against TMTG said.

“It’s not like they went out and bought a lottery ticket,” Mr Clark said of the co-founders. “They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn’t want to pay.”

“Not a unique story, unfortunately,” he added.

The Independent has reached out to Mr Trump’s office for comment.

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