Shocker! Trump’s Truth Social co-founders say he’s screwing them over

Shocker! Trump’s Truth Social co-founders say he’s screwing them over

Two founders of Donald Trump’s Truth Social social media platform filed a lawsuit against him on Wednesday. They allege that he and others have been involved in “11th hour, pre-merger corporate maneuvering,” machinations that would “drastically dilute” their partnership’s stake in the social media company. 

United Atlantic Ventures, a partnership between former “Apprentice” contestants Andy Litinsky and Wes Moss, alleges that it pitched the idea for the social media company to the disgraced former president, agreeing he would receive 90% of the company’s stake, while Litinsky and Moss (and a lawyer) would split the remaining 10%. 

“Former President Donald J. Trump … is causing TMTG to not only dispute UAV’s established right to 8,600,000 shares or 8.6% of TMTG’s issued and outstanding stock, but also attempting to drastically dilute UAV’s interests in connection with an impending merger,” a motion in the Delaware suit says.

That motion claims that UAV’s current 8.6% stake in Trump’s company would be diluted to less than 1% as a result of the TMTG board approving an eight-fold increase in the total number of authorized shares in the firm, from 120 million shares to 1 billion shares.

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