Disgruntled Apprentices Abandon Trump's Social Media Empire

Two former contestants on "The Apprentice" who helped found Truth Social, former President Donald Trump's social media platform, have sold off nearly all of their stake in the company. The move comes as the platform struggles to gain traction and Trump's own stake in the company has lost billions in value.

Cashing Out on a Sinking Ship

Founders Flee the Floundering Platform

Andy Litinsky and Wes Moss, two former "Apprentice" contestants who were instrumental in the founding of Truth Social, have sold off almost all of their 5.5% stake in Trump Media & Technology Group, the parent company of the platform. The two men, through their investment firm United Atlantic Ventures, sold off around 7.5 million shares in the company over the past few days, taking advantage of a lockup provision that had previously barred large investors, including Trump himself, from selling their shares.At the current stock price of around $14 per share, the two men's entire equity stake was worth roughly $100 million. However, the value of Trump's nearly 60% stake in the company has plummeted in recent months, losing billions of dollars in value and now standing at just $1.6 billion.

Falling Out with the Former President

Litinsky and Moss were both contestants on the second season of "The Apprentice," the reality TV show that helped propel Trump to national prominence before his successful 2016 presidential run. The two men later went on to work with Trump, founding Trump Media and developing Truth Social as the former president's primary online platform after he was banned from most major social media networks following the January 6th Capitol riots.However, the relationship between the founders and Trump soured within a year of Truth Social's launch. Trump Media filed a lawsuit earlier this year, arguing that Litinsky and Moss were not entitled to as many shares in the company as they had received, claiming they had done a poor job and delayed the platform's public market debut. The two men ultimately prevailed and retained their full allotment of shares.

A Troubled Debut and Uncertain Future

Since the lockup period expired, trading in Trump Media has been heavier than normal, and the stock price has fallen nearly 5% over that time. Overall, the stock is down 78% since the company's merger in March with a cash-rich special purpose acquisition company.The departure of Litinsky and Moss, who were instrumental in the platform's founding, comes as a further blow to Truth Social's already uncertain future. The social media platform has struggled to gain traction, with reports of technical issues, content moderation challenges, and a limited user base compared to its larger competitors.As Trump gears up for another run at the presidency, the troubles plaguing his social media venture could have significant implications for his political aspirations and his ability to reach and engage with his supporters online. The exodus of the platform's founders, coupled with the steep decline in the company's stock price, raises serious questions about the long-term viability of Truth Social and its ability to compete in the crowded social media landscape.