Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal
Former President Donald Trump was accused in a lawsuit on 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 them of 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. If DWAC shareholders approve the merger next month, Trump's 90% stake in TMTG could be valued at more than $3 billion, given DWAC's current share price. On Thursday, an investment vehicl
