The drama at Trump Media & Technology Group (NASDAQ:DJT), the parent company of Truth Social, is fast turning into a nail-biter. In the latest development, former U.S. President Doland Trump is suing two co-founders of Trump Media.
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The Two Lawsuits
Back in February, Andrew Litinsky and Wesley Moss, the two co-founders, had filed a lawsuit to deter Trump from reducing their combined 8.6% stake in Trump Media. Now, the lawsuit from Trump is aimed at doing just that, while accusing the duo of bungling their duties.
Specifically, the lawsuit accuses Litinsky and Moss of mishandling efforts to take Trump Media public. This resulted in the plans getting delayed by over a year and a half. According to Bloomberg, Trump has alleged that the co-founders should not get any stock in DJT.
And a Mega Loss
The revelations of the legal skirmishes come amid wild fluctuations in DJT shares over the past few days. This week, DJT shares have been under pressure after the company revealed a $58 million loss and a relatively minuscule revenue for 2023.
What Is Truth Social Worth?
DJT’s share price has declined from a high of around $66 on March 27 to the current $50 level. However, the stock still remains nearly 195% higher so far this year. The company’s market capitalization stood at roughly $6.94 billion at last check.
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