Former President Donald Trump has sued the two co-founders of the parent company of his social media platform, Truth Social, alleging that they made mistakes that cost him. This claim was made after Trump Media became a publicly traded company.
Before Trump’s suit, the co-founders, Andy Litinsky and Wes Moss, filed a complaint in Delaware in February to prevent the former president from taking actions they claimed would dilute their combined 8.6 percent ownership in the company.
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Donald Trump Files Lawsuit Against Truth Social Co-Founder
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The Republican presidential hopeful accused Litinsky and Moss, who both competed on Trump’s reality TV show “The Apprentice,” of mishandling an attempt to take Trump Media public several years ago, putting the project “on ice” for more than a year. and half.
According to Daily Mailthe pair were also accused of engaging in several attempts to block Trump Media’s eventual successful plans to become a publicly traded company, with their Delaware lawsuit being one of the attempts.
As we previously reported, the company merged with Digital World Acquisition Corp. and has now become known as Trump Media & Technology Group to trade under the ticker “DJT”, which is Trump’s initials.
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Since the company’s stock market debut, the stock has experienced significant volatility. With Tuesday’s 6% gain to a closing price of $51.60, the company is valued at $5.9 billion.
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Former President Wants To Strip Co-Founder’s Shares In Company
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follow Daily Mail, Trump Media claims the co-founders did not earn their shares and intends to strip them of them. However, the co-founders accused Trump Media of trying to dilute their stake in the company.
Litinsky felt he was removed from the board for refusing to surrender his ownership stake. He went on to point out that Trump threatened to “blow up the company” if his demands were not met.
Shares of the former president’s Trump Media saw a paper loss of a staggering $1 billion on Monday, following revelations in a filing that it had lost $58 million in the previous year.
About 57% of the company is owned by Trump, but so far, he has not been allowed to sell shares for six months unless the board, which is heavily biased in favor of the business mogul, votes in favor of the sale.
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Donald Trump’s New York City Fraud Bond Has Been Reduced
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Trump’s lawsuit against the former “The Apprentice” contestant comes after a court granted his motion to pay less than half of a $454 million fine in his New York City fraud trial so he can begin an appeals process and stop the seizure of his assets and properties. .
A New York appeals court reduced the fine to $175 million and granted him a 10-day deadline extension.
“We will abide by the Appellate Division’s decision and post either bonds, equivalent securities, or cash,” Trump said on Truth Social in reaction to the ruling.
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He added, “This also shows how ridiculous and outrageous it is [Judge Arthur] Engoron’s original decision was at $450 Million. I DID NO WRONG, AND NEW YORK SHOULD NOT BE PUT IN THIS POSITION AGAIN. AGAIN, VIOLENT CRIME IS GROWING, AND IT IS VERY IMPORTANT THAT THIS BE SOLVED AS A WHOLE AS SOON AS POSSIBLE. THANK YOU!”
He Slams Judge Arthur Engoron & NY AG Letitia James After Posting Bond
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The 77-year-old joined Truth Social to lash out at New York Judge Arthur Engoron and Attorney General Letitia James.
He said, “I just posted a 175 Million Dollar Bond with the State of New York that failed and was very problematic, based on Corrupt Judges and Attorney Generals who used a Statute that had never been used for this before, where there was no Jury. allowed, financial statements I am conservative and have a 100% caution/non-reliance clause, no victims (except me!), no crime or damage, only success and a SAFE BANK.”
Knight Specialty Insurance Company posted a $175 million bond. Following this development, one of Trump’s lawyers, Alina Habba, stated that Trump is now “looking forward to proving his rights on appeal and overturning this unfair decision.”
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Donald Trump Urges MAGA To Help Him Raise Fines
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Before his bond reduction, Trump made a desperate appeal to his supporters to help him raise the $454 million he needed. The former president’s appeal, delivered through a joint fundraising committee, urged supporters to donate $20.24 to $3,300 or more.
In the message, Trump stated that AG James is after his real estate and is very interested in Trump Tower.
Showing his dismay at the thought of his property being confiscated, Trump declared in the segment, “KEEP YOUR DIRTY HANDS OFF TRUMP TOWER!”
He claims that his legal troubles are a “witch hunt” supported by President Joe Biden, although Biden has previously denied involvement in Trump’s legal matter.
“So before the day is over, I’m calling on ONE MILLION Pro-Trump patriots to come in and say: STOP THE JOB HUNTING AGAINST PRESIDENT TRUMP!” the message is also read.
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Source: thtrangdai.edu.vn/en/
