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Trump Sues "Truth Social" Cofounders as Company's Stock Crumbles

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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.

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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.

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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