The co-founders of Trump Media & Technology Group have sued the company, alleging that executives including Donald Trump are manoeuvring to dilute their stake in the business through a “last-minute stock grab” as the former US president’s legal bills stack up.
The existence of the case was revealed in a Delaware Chancery Court filing from United Atlantic Ventures, a partnership set up by Andy Litinsky and Wes Moss, two former contestants of reality television show The Apprentice, on Wednesday. They are seeking to speed up proceedings as TMTG moves towards a stock market listing through a merger with blank-cheque company Digital World Acquisition Corporation.
The case could throw another spanner in the works for TMTG’s public listing. Earlier this month it received approval from the Securities and Exchange Commission to merge with DWAC after a more than two-year delay.