- Trump's media company is suing his co-founders, accusing them of failing in business before the SPAC deal.
- The complaint alleges Wesley Moss and Andrew Litinsky worked with others to cause “substantial harm.”
- This comes weeks after the company founded by Mr. Liczynski and Mr. Moss filed its own lawsuit against TMTG.
Trump Media is suing its co-founders, accusing them of bankrupting the company and causing “material harm” to its business, according to documents filed in a Florida civil court.
The lawsuit, filed on March 24, alleges that three executives from President Trump's media empire “blocked” Trump Media's merger with special acquisition company Digital World Acquisition Corporation to take it public. I'm about to try.
Although the merger was successfully completed, the lawsuit states that Trump Media co-founders Wesley Moss and Andrew Litinsky, former CEO of Digital World Acquisition Corporation ( Patrick, CEO of the company, made “reckless” decisions that led to transactions that caused damage to the company. Orlando.
The lawsuit also accuses a separate company, United Atlantic Ventures, founded by Moss and Liczynski that secured 8.6 million shares of Trump Media stock, of causing harm.
“TMTG is committed to redressing the damage done by two dishonest trustees and the companies they own, Wesley Moss, Andrew Liczynski, and UAV, and thwarting ongoing attempts to do further damage. “This is why we were forced to file this lawsuit,” the court documents state. To tell.
Mr. Moss and Mr. Liczynski could “receive significant benefits” if Trump Media completes the merger agreement. But executives instead proposed a merger with Orlando-based Benessere Capital Acquisition Corp., which the documents said is “not the best candidate for a merger.”
Later, Moss and Liczynski also voted against the Trump Media-DWAC merger at a shareholder meeting.
“Moss and Liczynski have failed spectacularly on every count. They have failed to establish corporate governance. They have made a series of reckless and wasteful decisions…that have caused significant harm to TMTG,” the filing said. “This led to a decline in TMTG's stock price.” Only in 2022, with a new CEO and a duly constituted Board of Directors in place and able to manage the Company with due care and integrity, will the Company be able to correct the mismanagement of Moss and Liczynski. It's done. ”
The Trump Media lawsuit comes just weeks after United Atlantic Ventures filed its own lawsuit against TMTG, which proposed blocking the company's merger with DWAC and TMTG executives' plans to sell their shares. He claimed that he was trying to deprive him of his rights.
Trump Media did not respond to requests for comment.
Correction: April 3, 2024 — A previous version of this article contained an outdated photo caption. Updated.
