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Former 'apprentices' and Trump Media cofounders file lawsuit claiming company execs tried to dilute their stake ahead of a potential merger

Business Insider

Business Insider · 1y ago

Former 'apprentices' and Trump Media cofounders file lawsuit claiming company execs tried to dilute their stake ahead of a potential merger

Two cofounders of Donald Trump's media company, Andy Litinsky and Wes Moss, have filed a lawsuit alleging that company executives, including Trump, attempted to dilute their stake in the business before a potential merger. Litinsky and Moss claim that the executives planned to increase the amount of authorized stock, reducing their stake to less than 1%. The merger, which involves Trump's social media network Truth Social and blank-check company Digital World Acquisition, faces legal complications as three lawsuits have been filed that could impact the upcoming shareholder vote on the merger.

Related News

Investors greenlight Trump's $6 billion social media deal

Economic Times

Economic Times · 1y ago

Investors greenlight Trump's $6 billion social media deal

Investors in a blank-check acquisition company, Digital World Acquisition Corp (DWAC), have approved a deal worth about $6 billion, allowing former US President Donald Trump to potentially earn a windfall from his social media firm, Truth Social. The deal values Trump's majority stake in the company at around $3.6 billion. However, the deal's future is uncertain as former DWAC CEO Patrick Orlando and former Trump business associates have sued to block the merger, claiming they are entitled to more shares. Even if the deal is completed, Trump will have restrictions on selling or borrowing against his shares for six months.

Elon Musk's X settles Donald Trump lawsuit

Economic Times

Economic Times · 5m ago

Elon Musk's X settles Donald Trump lawsuit

X, formerly Twitter, has settled a lawsuit with Donald Trump for approximately $10 million following his account suspension in 2021. Trump sued, claiming wrongful censorship after his account was removed post-Capitol riot. The settlement aligns Elon Musk and Trump's relationship further, with Musk having reinstated Trump's account after acquiring the company. Both parties agreed to dismiss the lawsuit and cover their own costs, though details of the agreement remain undisclosed.

Former Twitter execs say Elon Musk still owes them $128 million in severance

Business Insider

Business Insider · 1y ago

Former Twitter execs say Elon Musk still owes them $128 million in severance

Four former Twitter executives, including former CEO Parag Agrawal, are suing Elon Musk for $128 million in unpaid severance. The executives were fired following Musk's takeover of Twitter in 2022. According to the lawsuit, Musk said he fired them for cause and thus did not owe them severance. The dispute has been ongoing for over a year. This is not the first severance-related lawsuit Musk and his companies have faced, including a proposed class action suit for unpaid severance of $500 million.

U.S. regulators clear Trump's media firm deal with Digital World

Reuters · 1y ago

U.S. regulators clear Trump's media firm deal with Digital World

The U.S. Securities and Exchange Commission has approved the merger between blank-check acquisition company Digital World Acquisition Corp and former President Donald Trump's media and technology company, Trump Media & Technology Group. Trump will hold a 58% stake in the new company. Digital World's shares surged nearly 30% in response to the news. The merger is seen as a major boost for Trump, who aims to connect with his followers through the social media platform, Truth Social.

Joe Biden or Donald Trump can still rescue TikTok; here's how

Economic Times

Economic Times · 6m ago

Joe Biden or Donald Trump can still rescue TikTok; here's how

The 2020 ban on TikTok by Trump could be reversed by Biden using a law that allows a 90-day extension for TikTok's sale, contingent on progress towards divestment. Trump could alternatively redirect his Justice Department to deprioritize enforcement or issue an executive order claiming national security benefits to retain TikTok. Another option is a Supreme Court stay on the government lawsuit, providing time for new legal arguments and avoiding legal complications.

Fired Twitter execs are suing Elon Musk for over $128 million

The Verge

The Verge · 1y ago

Fired Twitter execs are suing Elon Musk for over $128 million

Former executives of Twitter, including ex-CEO Parag Agrawal, are suing Elon Musk and the company (now known as X) for over $128 million in severance payments. The lawsuit alleges that Musk aimed to cheat them out of $200 million by firing them before their stock options vested. The executives cite quotes from a biography of Musk to support their claims. X under Musk's leadership has gained a reputation for avoiding payments owed to individuals.

Tesla Shares Rebound Slightly After $150 Billion Rout as Musk-Trump Rift Seems to Ease

OutlookIndia

OutlookIndia · 2m ago

Tesla Shares Rebound Slightly After $150 Billion Rout as Musk-Trump Rift Seems to Ease

Tesla shares rebounded slightly after losing $150 billion in market value due to a public feud between CEO Elon Musk and former US President Donald Trump. The conflict arose when Musk criticized Trump’s “One Big Beautiful Bill,” claiming it would increase the US deficit. Despite tensions, Tesla shares rose by about 5% amid rumors of potential communication between Musk and Trump. Wall Street indices remained strong, with the Dow Jones and Nasdaq both seeing gains.

Investors greenlight Trump's $5.7 billion social media deal

Economic Times

Economic Times · 1y ago

Investors greenlight Trump's $5.7 billion social media deal

Former U.S. President Donald Trump's social media company, Truth Social, moved closer to a $5.7 billion merger with Digital World Acquisition Corp (DWAC) as investors in the blank-check acquisition company approved the deal. Trump's majority stake in the company is valued at around $3.3 billion. However, uncertainties remain as former DWAC CEO Patrick Orlando and former Trump business associates have sued for more shares. If completed, the deal would provide a $300 million cash infusion to Truth Social parent, Trump Media & Technology Group, which has been funding itself through borrowing. The fully diluted valuation for the combined company could be as much as $8.6 billion.

Meesho concludes reverse flip process; likely to file DRHP in 2–3 weeks

Economic Times

Economic Times · 1m ago

Meesho concludes reverse flip process; likely to file DRHP in 2–3 weeks

Meesho has completed the reverse flip, relocating its domicile to India ahead of its planned IPO. The company, previously incorporated in the US, is now fully Indian after board approval for the merger. Having secured $550 million in recent funding, it’s valued around $3.9-4 billion. Meesho plans to file its IPO prospectus within weeks and has hired top financial firms for the process. It follows other startups moving to India for public listing.

Trump's Truth Social has a tiny following and is performing badly but could be valued at more than $5 billion

Business Insider

Business Insider · 1y ago

Trump's Truth Social has a tiny following and is performing badly but could be valued at more than $5 billion

Former President Donald Trump's social media platform, Truth Social, is set to merge with a publicly traded company, potentially valuing it at over $5 billion. Despite significant losses, Trump Media & Technology Group, the parent company of Truth Social, expects the losses to continue in the foreseeable future. Truth Social currently has a small user base compared to other platforms, with approximately five million active members. The merger approval comes as Trump faces mounting legal costs and penalties. Retail investors, including Trump supporters, have expressed their belief in the platform's potential.

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