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Former President Trump has just sued his Trump Media & Technology Group co-founders claiming they don’t deserve to get their nearly 9% stake in stock amounting to over $600 million. Trump believes they “bungled their duties, forfeiting their stock.”

Here’s more from Bloomberg:

Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.

In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million.

The lawsuit, which was filed on March 24 in Florida state court and hasn’t previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the social media company.

The legal fight is playing out amid wild swings in shares of Trump Media, which began trading last week after it merged with a special purpose acquisition company, known as a SPAC. The stock dropped 21% Monday after Trump Media disclosed in a securities filing a $58 million loss and a relative trickle of revenue for 2023, and reiterated a warning that it needed the money from the SPAC deal to keep operating.

The stock was up 6.1% at $51.63 at 3:53 p.m. in New York on Tuesday.

Trump claims Litinsky and Moss failed to properly set up the corporate governance structure of Trump Media, launch his Truth Social platform and find an appropriate merger partner. That failure hurt the company, he argues. He says they then “began ceaseless attempts to thwart” the blank check deal in the struggle for their respective stakes. In their own suit, the two say Trump was planning to seek millions of extra shares, diluting their stake.

Lawyers for Litinsky and Moss didn’t return emails seeking comment on Trump’s suit.

I had wondered if Truth Social was profitable last year and now we know it was not. Which makes one wonder just how long it will stay alive with such grand loses as $58 million.