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Trump Media & Technology Group, the Truth Social owner controlled by former President Donald Trump, recently filed a lawsuit against two of its co-founders seeking to eliminate their stakes in the multi-billion dollar company.
Photo Illustration by The Daily Beast / GettyDonald Trump has sued his co-founders behind Truth Social in an attempt to take over their shares in the company, alleging they bungled their duties and aren’t worthy of holding stake in the company. That lawsuit, first reported by Bloomberg, was filed on March 24 in a Florida state court against Andy Litinsky and Wes Moss—ex-business associates of Trump who own an 8.6 percent stake in the company, currently valued at approximately $606 million. Trump
John Oliver mocked Donald Trump's "cash grabs," including mugshot T-shirts, a Bible, mini speakers with Trump's likeness and Truth Social stock.
The biggest beneficiary is Trump, the company's largest shareholder, whose stake is worth more than $5 billion, on paper. No other shareholder comes close, according to regulatory filings, but many of Trump Media's executives have seen their net worth swell this week, in some cases by many millions of dollars.
A trading frenzy was a triumph for the former president’s wealth. But Truth Social makes very little money, and Trump can’t sell his shares for six months.