Trump In Legal Spat With Truth Social Co-Founders: 'Some People Aren't Happy With 90%'
Portfolio Pulse from Chris Katje
Trump Media & Technology Group (TMTG) co-founders Andy Litinsky and Wes Moss are suing Donald Trump for diluting their shares in the company, potentially affecting their profits. The lawsuit alleges that Trump and others are offering additional shares as part of a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), reducing Litinsky and Moss's stake from 8.6% to 1%. This legal action could delay the merger, which has a deadline of March 8, 2024, and impact Trump's finances significantly.
February 29, 2024 | 9:19 pm
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Digital World Acquisition Corp. (DWAC) shares fell 12% due to the lawsuit against Trump, which could delay its merger with TMTG.
The lawsuit against Trump for diluting TMTG co-founders' shares has introduced uncertainty around the merger with DWAC, leading to a significant drop in DWAC's stock price. The potential delay in the merger, which faces a deadline of March 8, 2024, adds to the risk for investors, impacting DWAC's short-term stock performance negatively.
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