Trump Media Hit With Lawsuit by Co-Founders Ahead of DWAC Merger, Potential Setback for Lucrative Deal

Former President Donald Trump was accused in a lawsuit Wednesday of trying to “drastically dilute” the value of stock shares in his social media company held by the firm’s co-founders, potentially depriving themof hundreds of millions of dollars in profits.

The partnership, United Atlantic Ventures alleges that Trump Media & Technology Group engaged in “wrongful 11th hour … maneuvering” to dilute UAV″s minority stake in the media company, a court filing says.

The Delaware Chancery Court lawsuit comes in advance of the planned merger of TMTG with a shell company called Digital World Acquisition Corp., which would result in the shares of the combined entity being publicly traded.

Read the source article at NBC News