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 March 1, 2024, 3:03 AM +07 / Source: CNBC.com By Dan Mangan, CNBC Former President Donald Trump was accused in a lawsuit Wednesday of trying to “drastically dilute” the Official Fall Out Boy X Portland Trail Blazer Shirt But I will love this 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. If DWAC shareholder 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. UAV is a partnership of Andy Litinsky and Wes Moss, who initially pitched Trump the idea of creating Trump Media in February 2021, after the former president was banned from Twitter and Facebook following the deadly Jan. 6 Capitol riot. Both Litinsky and Moss were contestants on Trump’s television show, “The Apprentice.” TMTG later built and launched Truth Social, the social

media platform that Trump uses almost exclusively to communicate with the Official Fall Out Boy X Portland Trail Blazer Shirt But I will love this public. More from CNBC Oprah Winfrey is leaving WeightWatchers board and giving away all her stock Microsoft introduces Copilot AI chatbot for finance workers in Excel and Outlook IRS targets wealthy ‘non-filers’ with new wave of compliance letters The planned merger comes as Trump, who is the leading candidate for the Republican presidential nomination, has been ordered to pay more than $500 million in civil judgments in New York, related to trial verdicts for business fraud and defamation of the writer E. Jean Carroll. “The attempt here is to deprive them of the deal,” said Christopher Clark, a lawyer for UAV. “It’s not like they went out and bought a lottery ticket,” Clark said of the co-founders. “They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn’t want to pay.” “Not a unique story, unfortunately,” Clark said, referring to Trump’s infamous practice of contesting bills from contractors and lawyers. CNBC has requested comment from spokesmen for Trump, TMTG and DWAC about the lawsuit. “Former President Donald J. Trump … is causing TMTG to not only dispute UAV’s established right to 8,600,000 shares or 8.6% of TMTG’s issued and outstanding stock, but also attempting to drastically dilute UAV’s interests in connection with an impending merger,” a motion in the Delaware suit says. That motion claims that UAV’s current 8.6% stake in Trump’s company would be diluted to less than 1% as a result of the TMTG board approving an eight-fold increase in the total number of authorized shares in the firm, from 120 million shares to 1 billion shares. Recommended LATINO Students who used TikTok to show deteriorating schools in Puerto Rico push for improvements “There is no legitimate business purpose for the Billion Share Authorization or the creation of non-voting stock in the face of the pending Merger, particularly because any unissued TMTG stock will be cancelled

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