President-elect Donald Trump is seeking to halt a lawsuit against Trump Media & Technology Group Corp. (NASDAQ:DJT) by invoking presidential immunity.
The lawsuit, brought by Andy Litinsky and Wes Moss — former “The Apprentice” contestants — challenged Trump’s alleged attempt to unfairly dilute their 8.6% company stake.
The plaintiffs claimed they were improperly excluded from the company’s initial public offering.
Trump filed a countersuit in Florida state court, claiming they breached an agreement regarding the establishment of Trump Media and were not entitled to the stake.
Why It Matters: Litinsky and Moss sold approximately $11 million in Truth Social shares in September, representing around $150 million at the time.
This legal maneuver follows the U.S. Supreme Court’s July ruling on presidential immunity, which Trump has leveraged to challenge existing criminal cases. While federal cases have been dropped, state prosecutions in New York and Georgia remain active.
On Election Day, Trump Media reported a 6% decline in third-quarter net sales compared to the previous year, totaling $1.01 million, with all revenue generated through advertising on the Truth Social platform.
Price Action: DJT shares rose 1.73% on Monday, closing at $35.34. However, after hours, the stock fell 0.25% to $35.25. Year-to-date DJT DJT shares have surged by 102.52%, according to Benzinga Pro data.
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