However, this legal saga is not one-sided. Litinsky and Moss previously filed a lawsuit against Trump in the Delaware Chancery Court, claiming they were promised a stake in the social media company which they have yet to receive.
Complicating matters is the turbulent performance of Trump Media’s stock. Following its merger with a special purpose acquisition company (SPAC), the stock has experienced significant volatility. Shares of Trump Media were last priced around $32, marking a 54% decline from their initial trading price on March 26.
Trump’s media company entered the stock market after merging with Digital World Acquisition, a special purpose acquisition company announced in 2021 but plagued by numerous setbacks and delays.
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The financial frenzy last month initially saw Trump’s net worth surge by $6 billion, representing the largest one-day return in his career, as the stock opened at $78 per share. Critics argue that the company’s valuation is less about financial fundamentals and more about investment in Trump’s brand and political prospects.
