The co-founders of Donald Trump’s media company have started a legal case. They accuse Donald Trump and other leaders of planning to take away their part of the company. This could be worth hundreds of millions of dollars.
This case might make problems for Trump Media & Technology Group. This company owns Truth Social, which is a social media network. They plan to merge with Digital World Acquisition and become a public company.
A merger deal could make Trump’s share in the company worth more than $3 billion. This is important at a time when Trump is having to pay $454 million because of a fraud case in New York.
Andy Litinsky and Wes Moss, who used to work with Trump on his TV show, The Apprentice, suggested a Trump-branded tech start-up and social media platform. They did this in early 2021, after he lost the presidency and Twitter banned him. Trump agreed and was given 90% of the company.
However, the lawyers for the co-founders say that Trump has tried to “dilute” their stake in the company. This could mean their share would become much less. They argue that they were promised 8.6% of the company, so they are suing to keep this agreement.
Vocabulary List:
- Legal case (noun): A dispute brought before a court for resolution.
- Accuse (verb): To claim that someone has done something wrong or illegal.
- Merger (noun): The joining of two or more companies or organizations into one.
- Fraud (noun): Wrongful or criminal deception intended to result in financial or personal gain.
- Tech start-up (noun): A newly established company in the technology sector.
- Dilute (verb): To make something weaker in forcecontentor value.
