Trump's Public Media Company Has 6-Month Share Lockup, And Its Co-Founders Are Suing So They Can Sell Stock Faster
Portfolio Pulse from Chris Katje
Co-founders of Trump Media & Technology Group Corp (NASDAQ:DJT), Andy Litinsky and Wes Moss, are suing Donald Trump over share lockup terms, aiming to sell their shares sooner. They accuse Trump of using the lockup to retaliate against them for a previous lawsuit regarding their stake dilution. The legal battle comes as Trump, owning 60% of TMTG, faces financial pressures from a $454 million judgment. DJT shares have dropped over 22% in the past week and over 50% from post-IPO highs.
April 09, 2024 | 9:41 pm
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Trump Media & Technology Group Corp (NASDAQ:DJT) faces a lawsuit from its co-founders over share lockup terms amidst financial pressures on Trump. Shares have significantly dropped.
The lawsuit and ongoing legal battles involving Trump Media & Technology Group's co-founders and Donald Trump, combined with the financial pressures from Trump's civil fraud case judgment, have likely contributed to the recent volatility and significant drop in DJT shares. Legal disputes, especially those involving key figures and financial uncertainties, can negatively impact investor confidence and stock prices.
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