Trump Media & Technology Group, the owner of the controversial new social media platform Truth Social, is embroiled in a legal battle with its co-founders. The company filed a lawsuit seeking to eliminate the stakes of the co-founders, alleging that their reckless decisions caused significant damage.
The co-founders, who were set to receive a hefty sum of 8.6 million shares in the company valued at about $444 million, are being accused of “riding President Trump’s coattails” and making decisions that jeopardized the success of Truth Social.
The lawsuit claims that without President Trump’s involvement, the creation of Truth Social would have been impossible. This accusation comes after the co-founders themselves had filed a lawsuit against Trump, claiming that he was planning to dilute their stake in the company.
Meanwhile, President Trump’s own stake in Trump Media is on the rise, valued at about $4.1 billion, with an increase of $228 million from the previous week’s closing price. This increase in Trump’s stake further complicates the legal battle between the company and its co-founders.
The outcome of this legal dispute remains uncertain, but it sheds light on the power struggles and conflicts within Trump Media & Technology Group. As Truth Social continues to face scrutiny and controversy, the future of the platform and the involvement of its key players remain unclear. Stay tuned for updates on this developing story.
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