All Eyes on Donald Trump as He is Linked to Another Scandal

by Jessica
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Trump

The co-founders of Donald Trump’s media company have accused the former president of orchestrating a scheme to deprive them of their rightful stake in the company, potentially valued at millions of dollars.

The unfolding scandal revolves around Trump Media & Technology Group, the owner of Trump’s Truth Social platform, which is poised to merge with Digital World Acquisition, a special purpose acquisition company, with a potential valuation exceeding $3 billion.

Andy Litinsky and Wes Moss, who initially pitched the idea of a social media platform to Trump after his ban from Twitter, were promised a minority stake in the venture.

However, according to a lawsuit filed by Litinsky and Moss, as reported by Raw Story on Thursday, February 29, Trump awarded himself a whopping 90 percent ownership of the company, leaving the co-founders with a mere 8.6 percent share, while the remaining 1.4 percent went to attorney Bradford Cohen.

United Atlantic Ventures (UAV), the entity that launched Trump Media, played a pivotal role in building the business, yet received no compensation for its efforts.

Despite Litinsky and Moss departing from Trump Media amid a leadership dispute, UAV retained its shares in the company, as per Securities and Exchange Commission filings from Digital World Acquisition.

The heart of the controversy lies in Trump’s alleged attempt to dilute the co-founders’ stake in the company just before the merger.

According to legal filings, Trump sought to significantly reduce Litinsky and Moss’s ownership, a move described as an “11th-hour, pre-merger corporate maneuvering” without any legitimate business justification.

Trump’s actions prompted accusations of a “dilution scheme” aimed at sidelining the co-founders and reaping greater benefits for himself.

The legal battle intensifies as Litinsky and Moss assert their right to the promised stake in Trump’s media venture.

Christopher J. Clark, lead attorney for UAV, condemned Trump’s actions, highlighting the co-founders’ instrumental role in creating Truth Social.

Clark emphasized the disparity between the promised stake and the actual distribution, stating, “We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent”.

As the scandal unfolds, all eyes are on Donald Trump, whose alleged maneuvers have thrust him into the center of controversy once again.

The outcome of the legal battle will not only determine the fate of Truth Social but also shed light on the integrity of Trump’s business dealings and the extent of his commitment to his business partners’ interests.

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