Trump Media said on Tuesday that it had reached an “amicable settlement” of a legal dispute with the co-founders of the social media company, which operates the Truth Social app.
Trump Media did not provide details of that settlement with United Atlantic Ventures, the partnership of Trump Media’s co-founders, Andy Litinsky and Wes Moss.
“All claims by Trump Media against United Atlantic Ventures have been mutually resolved,” Trump Media said in a statement.
Litinksy and Moss were contestants on President Donald Trump’s television show, “The Apprentice.”
UAV sued Trump Media in February 2024 in Delaware Chancery Court, accusing Trump of attempting to “drastically dilute” the value of stock shares the co-founders held in the company. That suit was dismissed in September after a judge ruled that the claims “boil down to conspiracy theories unsupported by factual allegations.”
But there had been other, ongoing litigation between Trump Media and UAV in a Florida state court.
The men initially pitched Trump the idea of creating Trump Media in February 2021, within weeks of Trump leaving the White House at the end of his first term.
CNBC has requested comment from Trump Media, a lawyer for the company, and a lawyer for United Atlantic Ventures.
Shares of Trump Media trade on the NASDAQ under the DJT ticker.
This is breaking news. Please refresh for updates.