Photo credit © UzirePictures
(Boursier.com) — Trump Media & Technology Group hesitates before trading on Wall Street this Wednesday, while Donald Trump, according to Bloomberg, sued two co-founders of his new public company, claiming that they had poorly created the company and that they should not hold stakes. The former American president claims that Andy Litinsky and Wes Moss would have violated an agreement on the configuration of the company and therefore do not deserve their 8.6% stake currently valued at more than 600 million dollars, Bloomberg further specifies. Trump’s lawsuit was filed March 24 in Florida state court. This twist comes after the two men filed their own action against the former president in Delaware Chancery Court over their promised stake in the social media company, details Bloomberg.
The legal battle is taking place amid wild swings in Trump Media stock, which began trading last week in its merged form with a special purpose acquisition company (SPAC). Trump Media stock fell on Monday following the revelation of a 2023 loss of $58 million for just $4 million in revenue.
©2024 Boursier.com