Sound Planning Group CEO David Stryzewski discusses what the early success of Trumps social media platform says about investors affinity for the 45th president on Varney & Co.
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.
The Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
Depositions often get rescheduled.
Trump campaign spokespersons did not immediately respond to a request for comment.
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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.
Former US President and Republican candidate Donald Trump’s social media business went public last week. (Photo by Anna Barclay/Getty Images / Getty Images)
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.
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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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 46.15 | -2.66 | -5.45% |
Trump Media & Technology Group
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.
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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.
