Former President Donald Trump has won another small legal battle ahead of his bid to take back the White House. The 2024 GOP frontrunner will not be deposed on Monday in a lawsuit brought by Andy Litinsky and Wes Moss, co-founders of Trump Media & Technology Group Corp., according to Bloomberg.
The deposition has been postponed due to the upcoming retirement of Delaware Judge Sam Glasscock III, who will be replaced. Litinsky and Moss, both former contestants on Trump’s TV show “The Apprentice,” alleged in their lawsuit that Trump attempted to dilute their 8.6% stake in the company.
The lawyers for Litinsky and Moss had previously indicated in a court filing that they planned to depose Trump under oath on April 15 in Manhattan. The deposition does not yet have judicial approval, which is not required under Delaware court rules, although judges can intervene if there are disputes about depositions.
The court filing did not address how this deposition might conflict with Trump’s first criminal trial, which is set to begin soon in Manhattan. Trump faces charges in an indictment by Manhattan District Attorney Alvin Bragg, which accuses him of falsifying business records to hide a payment to a porn star before the 2016 election.
In March Trump initiated a legal battle against the two co-founders of the Trump Media & Technology Group Corp. The company is the parent of the social media platform Truth Social which recently went public. The lawsuit, filed on March 24 in Florida state court, alleges that Litinsky and Moss improperly set up the company thereby disqualifying themselves from owning any stock. Trump’s legal team argued that the two violated the agreed terms during the company’s formation and, as a result, do not deserve to hold their 8.6% stake, valued at a whopping $606 million according to Bloomberg Law.
The legal confrontation is not a one-sided affair, however. Litinsky and Moss had previously brought 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.
Adding to the drama is the volatile performance of Trump Media’s stock. After merging with a special purpose acquisition company (SPAC), the stock has experienced wild fluctuations.
Shares of Trump Media were last priced around $32 representing a 54% decline from their initial trading price on March 26. The stock market introduction of the company behind Truth Social occurred after its merger with the special purpose acquisition company Digital World Acquisition, which was announced in 2021 but experienced several setbacks and delays.
The financial phenomenon last Month initially placed Trump’s media firm’s share price at an astonishing 2,000x its revenue, drawing attention from investors as well as critics of the former president. Some argued the company’s value is less about its financial fundamentals and more about investment in Trump’s brand and political future.
Trump, who owns a 78% stake in the company, saw his net worth swell by $6 billion initially as a result of trading, making it the single greatest one-day return for him in his career. The stock opened at a price of $78 per share.
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