Two co-founders and former executives at Truth Social, the social media company launched and kept afloat by Donald Trump’s daily rants, have amended a lawsuit as they seek the ability sell off their shares in Trump Media ahead of a six-month lockout that was placed on them.
Trump Media, which went public last month, has been plummeting in value since it was revealed the company operated at a $58 million loss in 2023. As of Tuesday afternoon, it was worth $2.8 billion less than it was at its initial public offering on March 26.
That apparently has Andy Litinsky and Wes Moss, ex-Trump associates now embroiled in two lawsuits with the former president, wanting to have the flexibility to cash in on their shares before they lose anymore value.
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The pair, who were once contestants on Trump’s reality TV show, The Apprentice, sued Trump in February over the value of their portion of Trump Media—accusing him of tanking their 8.6 percent stake in the company by increasing Trump Media’s total shares from 120 million to 1 billion.
Now, amending that same lawsuit, a Delaware judge on Tuesday gave them the OK to add an allegation that Trump, in retaliation to their falling out with them, ordered them to not sell their shares in Trump Media for at least six months—a common lockup duration that Trump has himself.
The amended lawsuit, first reported by Bloomberg, is expected to “fundamentally” alter the case, said Judge Sam Glasscock III, and may allow the duo to sell their shares early if they’re successful.
The dizzying saga could soon force Trump to be deposed, with lawyers for Litinsky and Moss moving to schedule questioning in the case for April 15—the same day Trump is supposed to begin his hush-money trial in Manhattan.
No deposition orders have been sent out just yet, however, a spokesperson for Trump Media told Bloomberg.
Bloomberg reported that Litinsky and Moss also plan to seek an injunction that would block a counter lawsuit Trump filed against them last month in Florida, in which the former president alleged the pair shouldn’t hold any stock in Trump Media because they mismanaged the business.
Glasscock said previously that he was “gobsmacked” that Trump’s lawyers went to Florida to file a counter lawsuit instead of bringing it in front of him. He said he would consider possible sanctions against the former president in Delaware.
