--- title: "Trump Sues “Truth Social” Cofounders as Company’s Stock Crumbles" description: "Former president Donald Trump is suing two co-founders of his media company Trump Media and Technology Group (TMTG), which owns Truth Social." date: "2024-04-03" modified: "2024-04-03" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/trump-sues-truth-social-cofounders-stock-crumbles" categories: - "Future Society" tags: - "donald trump" - "the digest" - "truth social" --- # Trump Sues “Truth Social” Cofounders as Company’s Stock Crumbles ![Former president Donald Trump is suing two co-founders of his media company Trump Media and Technology Group (TMTG), which owns Truth Social.]() *\Image: Scott Olson/Getty Images\* ## Only the Best People Former president Donald Trump is [suing two co-founders]() of his media company Trump Media and Technology Group (TMTG), which owns his far-right social media network Truth Social. Trump alleges the two co-founders Andy Litinsky and Wes Moss — two former "The Apprentice" contestants, if you can believe it — set the company up for failure. It's a hilarious new chapter in his slapdash bid to cash in on his ailing Twitter clone, which is already off to a [spectacularly rough start](). ## The Boys Are Fighting TMTG shares [have been tanking]() ever since it merged with a blank check acquisition company last month. Shares have plummeted almost 30 percent in the past five days alone, settling just above the price at the merge, and wiping out [billions of dollars in value](), including $1 billion of Trump's own net worth. News emerged on Monday that Truth Social made a [measly $4.1 million in revenue]() for all of 2023, but lost more than $58 million over the same period. The meme stock was widely expected to fizzle by experts, who've long pointed out that TMTG stocks were [astronomically overvalued](). Meanwhile, Trump is duking it out in court with Litinsky and Moss, claiming in a March 24 filing that the pair "[spectacularly]()" mishandled an attempt to take TMGT public several years ago and then tried to "thwart the deal." Litinsky and Moss filed their own lawsuit against TMTG in February, arguing that they had signed documents back in 2021 that guaranteed them a 8.6 percent share of TMTG's total stock, which is now worth over $600 million. ## Clown Show Now Trump has hit back, asking a Florida court to award him damages for the two cofounders' "breaches of fiduciary duty." Trump's son Eric Trump even allegedly sent a letter deeming the documents his father had signed "void." Whether any of this will have any kind of positive repercussions for Trump remains to be seen. If anything, the dueling lawsuits only highlight just how much chaos the former president's ill-advised stock market bid has already caused. In short, without any kind of feasible product, TMTG was bound to falter — and if Litinsky and Moss had anything to do with it, well, who hired them in the first place? **More on the saga:** *[Donald Trump Loses $1 Billion in a Single Day Amid "Truth Social" Disaster]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()