Why is Donald Trump suing Trump Media co founders?

Former U.S. President Donald Trump has filed a lawsuit against the co-founders of Trump Media & Technology Group (TMTG), Wesley Moss and Andrew Litinsky. This legal action comes amidst already existing legal battles and recent controversies surrounding the media company. The lawsuit, filed in Delaware and Florida courts, alleges that Moss and Litinsky engaged in actions detrimental to the interests of Trump Media. According to the filed documents, Trump accuses the co-founders of attempting to improperly dilute his stake in the company.

Trump, Trump Media and insider trading

The dispute centres around the ownership structure and distribution of shares within Trump Media. Moss and Litinsky, who played pivotal roles in the establishment of the company, claim rightful ownership of their shares. However, Trump Media contends that they failed to fulfill their obligations, thus invalidating their claim to ownership.

“TMTG has been forced to file this action to remedy the harm inflicted upon it by two faithless fiduciaries and a company they own – Wesley Moss, Andrew Litinsky, and [United Atlantic Ventures] – and to halt their ongoing attempts to do even more damage,” the filing said.

This latest legal manoeuver adds another layer of complexity to Trump’s post-presidential endeavours. Trump Media, which operates Truth Social, the former president’s flagship social media platform, has been subject to intense scrutiny and volatility since its inception.

The lawsuit follows recent revelations of insider trading within Trump Media. Two individuals, Michael and Gerald Shvartsman, pleaded guilty to securities fraud related to trading on insider information about TMTG’s plan to go public. This development raised questions about the company’s internal governance and oversight procedures.

Trump’s decision to sue the co-founders reflects the escalating tensions within Trump Media and underscores the challenges facing the company as it navigates the intersection of business, politics, and legal complexities. While Trump Media’s shares experienced a turbulent ride following its public listing, recent financial disclosures have added further strain. The company reported a significant loss of over $58 million in 2023, casting doubt on its long-term viability and financial stability.

As the legal proceedings unfold, observers are closely monitoring the implications for Trump Media’s future trajectory. The outcome of the lawsuit against Moss and Litinsky could significantly impact the company’s ownership structure and strategic direction. The news cycle doesn’t appear to be long enough to keep up.

Why did Donald Trump speak with the Saudi Crown Prince, MBS?

As the various legal battles continue, as well as the push for a return to the Oval Office, Trump has had a focus on the Middle East too. He famously made his inaugural foreign visit as president to Saudi Arabia in 2017. And according to the New York Times, the Republican contender recently had a conversation with Saudi Crown Prince Mohammed bin Salman, aka MBS, as reported by two individuals familiar with the matter. It remains uncertain, however, what topics were discussed during their exchange, or if this marked their initial interaction since Trump’s presidency ended in 2021.

White House national security advisor Jake Sullivan postponed his scheduled trip to Saudi Arabia this week due to a cracked rib, and had intended to meet with the crown prince. The purpose of the meeting was to discuss advancements in normalising relations between Israel and Saudi Arabia, part of broader U.S. diplomatic efforts.