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That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant.
Persons: Donald Trump, Stefani Reynolds, Donald Trump's, Eric Swider, Patrick Orlando, Swider, Orlando, Alexander Cano, DWAC's, he's, Cano, Orlando's, Brendan Mcdermid Organizations: AFP, Getty Images Investment, Benessere Investment Group, ARC Global Investments, Digital, Swider, Trump Media & Technology Group Corp, Nasdaq, Trump, DWAC, Securities and Exchange Commission, Trump Media, Wired, Orlando, collude, ARC II, ARC, Benessere, Truth Social, Trump Media & Technology Group Locations: Washington ,, South Florida, Orlando, Florida, Delaware Chancery, New York City, U.S
Trump's media company is suing its cofounders, alleging they failed the business before its SPAC deal. AdvertisementTrump Media is suing its cofounders, alleging they failed the company and did "significant damage" to its business, according to documents filed in a Florida civil court. Moss and Litinsky had the potential to "profit handsomely" if Trump Media completed its merger deal. The filing says: "Moss and Litinsky failed spectacularly at every turn. Trump Media did not immediately respond to a request for comment.
Persons: Wesley Moss, Andrew Litinsky, Moss, , Trump, Patrick Orlando, Litinsky Organizations: TMTG, Service, Trump Media, Corp, United Atlantic Ventures, Orlando's, Trump, DWAC, Company Locations: Florida
The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing "spectacularly" to get the company off the ground and then trying to "thwart the deal." In February, Moss and Litinsky sued Trump Media in Delaware Chancery Court over their stake in the company. They made "wasteful decisions" that caused "significant damage" to Trump Media and a decline in DWAC's stock price, the company claims. Trump Media calls the claim that UAV is owed stock "baseless," and says the services agreement Trump signed with UAV in 2021 is no longer valid. Lawyers for Trump Media did not immediately respond to CNBC's request for comment on the lawsuit.
Persons: Donald Trump, Wesley Moss, Andrew Litinsky, Trump, Moss, Litinsky, Patrick Orlando, Eric Trump Organizations: Trump Media & Technology Group, United Atlantic Ventures, Trump, Trump Media, Corp, Nasdaq, Orlando's, Securities and Exchange Commission, Bloomberg, Lawyers Locations: Sarasota County , Florida, Delaware Chancery, Florida
The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. DWAC's CEO, Patrick Orlando, has adjourned the meeting multiple times in recent months as he seeks shareholder approval to delay his company's merger with Trump Media and Technology Group, which owns the Truth Social app, by about a year. Will Wilkerson, a former Trump Media executive, turned over documents to the Securities and Exchange Commission and filed a whistleblower complaint, claiming misrepresentations by the companies. Trump Media has also blamed regulators for the delay of its merger with DWAC. He has about 4 million followers on Truth Social.
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