Donald Trump is suing Wes Moss and Andy Litinsky, co-founders of Trump Media & Technology Group Corp (NASDAQ:DJT), the parent company of Truth Social, for mismanagement, seeking to revoke their company shares valued at about $600 million.
This legal action counters a February lawsuit from Moss and Litinsky aimed at protecting their 8.6% stake after Trump attempted to dilute their shares.
Trump's legal team accuses them of damaging TMTG by hindering its public offering process, which recently concluded through a merger with a SPAC.
Despite initial stock surges, TMTG's value has dropped amid ongoing controversies and government scrutiny. Moss and Litinsky, who were contestants on The Apprentice, have yet to respond to the allegations.