In a dramatic turn of events, Trump Media & Technology Group, the media business founded by former President Donald Trump, has filed a lawsuit against two of its co-founders, Andy Litinsky and Wes Moss. The lawsuit alleges mismanagement by Litinsky and Moss and seeks to strip them of their shares in the newly public company.

The legal action was initiated on March 24 in Florida state court, just a day before Trump Media made its debut on the Nasdaq stock market. Since then, Trump Media's main asset, the social media platform Truth Social, has experienced a remarkable surge in value, currently sitting at an impressive $6.8 billion valuation.

The lawsuit filed by Trump Media & Technology Group asserts that Litinsky and Moss "failed spectacularly" in their roles, particularly during the initial setup of the business and establishing an effective corporate governance structure. As part of their initial agreement with Trump, the co-founders were granted 8.6 million shares of Trump Media, which are currently valued at $432 million. The lawsuit is seeking to recover these shares.

Moreover, the lawsuit also holds Litinsky and Moss responsible for the rocky launch of Truth Social. Alleging that they hired an inadequate team to manage the development of the social media platform, the lawsuit claims that a "toxic corporate culture" was created, which, in turn, led to various technical and operational issues.

"The Truth Social launch did not go smoothly, leading to hostile press coverage that criticized the company for user wait times and technical failings, which ultimately harmed the company's business reputation," states the lawsuit.

Notably, Litinsky and Moss' attorney, Christopher J. Clark, declined to provide any comments regarding the ongoing legal proceedings.

This lawsuit comes after Litinsky and Moss filed a complaint in February in the Delaware Court of Chancery, aiming to prevent former President Trump from taking actions that would significantly diminish their combined 8.6% stake in Trump Media.

Meanwhile, Trump himself holds approximately 57% stake in Trump Media, valued at around $4 billion. However, Trump, along with other major stakeholders, is currently prohibited from selling their shares due to a "lock-up" provision that extends for at least six months.

As the legal battle unfolds, industry observers are closely monitoring the outcome, as it has the potential to reshape the corporate landscape of Trump Media & Technology Group.