Posted 2/29/2024, 3:36:14 PM
Trump Media Co-Founders Sue, Allege Scheme to Greatly Reduce Their Ownership Stake
- Co-founders of Trump Media sue company, allege scheme to reduce their shares from 8.6% to under 1%
- Suit could complicate pending merger deal to take Trump Media public, potentially worth billions
- Co-founders claim they launched Trump Media, hired staff, raised funds but weren't compensated
- They argue "dilution scheme" to increase authorized shares from 120M to 1B meant to benefit Trump
- Dispute acknowledged in SEC filing; lawyers threatened to sue to block merger deal