ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Trump to be deposed in dispute with media company co-founders

Former President Trump is scheduled to be deposed later this month by lawyers for co-founders of his social media company as part of a dispute over ownership.

Republican presidential candidate Donald Trump is scheduled to be deposed later this month by lawyers for co-founders of his social media company as part of a dispute over ownership in Trump Media & Technology Group, which went public last week.

A notice filed with Delaware's Court of Chancery, where the co-founders sued Trump Media, said the deposition is scheduled for April 15 at 10 am ET (1400 GMT) in New York, which is also the scheduled start of Trump's first criminal trial.

Depositions often get rescheduled.

Trump campaign spokespersons did not immediately respond to a request for comment.

TRUMP FILES $175 MILLION APPEAL BOND, CHAIRMAN OF COMPANY SAYS ‘IT WAS AN EASY DECISION’ TO UNDERWRITE

The notice of deposition did not specify the questions and Christopher Clark, an attorney for the co-founders, did not immediately respond to a request for comment.

Trump Media, which owns the Truth Social messaging platform, was sued in February by Andy Litinsky and Wes Moss, two former contestants on Trump's reality TV show The Apprentice. They said in 2021 they were pledged 8.6% of pre-merger Trump Media stock for helping to launch the company.

The co-founders accused Trump Media of denying them their stake, which they own through their United Atlantic Ventures partnership, by trying to dilute their stock and by preventing them from selling it.

TRUMP'S TRUTH SOCIAL LOST $58 MILLION IN 2023, AND THE STOCK IS TAKING A HIT

Trump Media sued Litinsky and Moss in Florida on March 24, and is seeking to strip them of their stock, which it said they failed to earn due to mismanagement.

Delaware judge Sam Glasscock said this week he expected to hold a hearing to resolve the dispute before the end of April.

Trump owned 90% of the social media company prior to its merger last month with a blank check firm that took the company public. He owns a majority of the merged company.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Since the merger, the company's stock has soared in value despite its weak underlying finances, driven by speculators betting on the company's link to the former president.

In midday trade on Thursday, Trump Media was down 4.2% at $46.70, valuing the company at more than $6 billion.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.