In a recent development, former President Donald Trump has filed a lawsuit against the co-founders of Truth Social, Wes Moss and Andy Litinsky. Trump Media & Technology Group Corp., Trump's media company, accuses Moss and Litinsky of mismanaging the social media platform, resulting in costly mistakes and significant delays in the company's public debut.

The lawsuit, filed in a Florida state court last week, seeks to strip Moss and Litinsky of their shares in Truth Social, which recently went public. Both Moss and Litinsky were contestants on Trump's NBC show "The Apprentice" and had approached Trump with the idea of Truth Social after his ban from Twitter following the January 6, 2021, attack on the Capitol.

According to court documents, the suit claims that Moss and Litinsky had a significant opportunity riding on Trump's fame and influence. It argues that without the involvement of President Trump, the creation of Truth Social would have been impossible. The lawsuit alleges that the co-founders were responsible for establishing corporate governance and securing a special purpose acquisition company to take Truth Social public and provide necessary funds, but they failed in both aspects.

The lawsuit was initiated after Digital World Acquisition Corp., whose shareholders voted to merge with Trump Media & Technology Group, renamed as Trump Media. Trump's company became the majority shareholder. In response to the lawsuit, an attorney representing Moss and Litinsky's company, United Atlantic Ventures, did not provide an immediate comment on the matter.

It is worth noting that Moss and Litinsky had previously sued Trump's company in Delaware Chancery Court in February, claiming that Trump was attempting to dilute their shares by increasing the authorized shares in the firm from 120 million to 1 billion. The legal battle between the parties adds to the ongoing dispute surrounding the ownership and management of Truth Social.

Meanwhile, Trump Media's stock, which started trading on March 26, saw an initial surge, with its price exceeding $79 at one point. However, the stock has since declined and closed at $51.60 on Tuesday. This decline came after the company reported a net loss of $58.2 million on revenue of $4.1 million in 2023.

The outcome of the legal proceedings remains uncertain, as the competing lawsuits between the former President and the Truth Social co-founders continue to unfold.