The co-founders of Donald Trump’s media company have accused the former president of plotting to lock them out of a stake in the company that could be worth millions of dollars.
Trump Media & Technology Group, which owns President Trump’s “Truth Social” platform, is going public by merging with a special acquisition vehicle called Digital World Acquisition. If the merger is successful, the company could be valued at more than $3 billion.
As The Washington Post points out, Andy Liczynski and Wes Moss met as contestants on President Trump’s reality show, The Apprentice, and are now known as X after being banned from Twitter. I pitched him the idea of a social media platform.
Trump was given 90% of the company’s stock. The co-founders received an 8.6% interest in the company, with lawyer Bradford Cohen, who was involved in the deal, receiving the remaining 1.4%, according to their lawsuit.
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”[United Atlantic Ventures] The motion said he “launched the Trump Media business, hired employees and raised funds, but received no ‘remuneration or payment for his work,'” the Post reported.
“And while Mr. Liczynski and Mr. Moss left Trump Media that same year amid conflict with current leadership, UAV retained its stake, according to documents Digital World filed with the Securities and Exchange Commission this month. ”
Trump was to receive 78 million shares worth $3.5 billion after the merger, according to a motion filed by UAV’s lawyers. However, UAV claimed that President Trump attempted to “significantly dilute” his co-founder’s shares through “11th-hour, pre-merger corporate maneuvering” tactics, and that the “dilution plan” had a “legitimate business purpose.” He claimed that there was no such thing.
UAV was “promised to acquire 8.6 percent of this company, and unfortunately, its business partner is trying to renege on this without any basis,” said Christopher J. Clark, the partnership’s lead attorney (Clark Smith & Co., Ltd.). Villazor) told the Post.
“They feel like: We built Truth Social for you. You can get 90 percent. But some people aren’t satisfied with 90 percent.”
Read the full report at The Washington Post.