Initially, Trump's stake was 78 million shares, valued at roughly $3.5 billion. UAV's stake in the company amounted to seven million shares valued at approximately $339 million. However, the lawsuit alleges Trump then engaged in a "dilution scheme" to increase the number of total shares to one billion, which they said had "no legitimate business purpose." UAV accused Trump of possibly scheming to distribute the additional shares among himself and his family, while significantly decreasing their stake in the company to less than one percent.

"[UAV was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," Litinsky and Moss' attorney, Christopher J. Clark — who has previously represented Hunter Biden, Elon Musk, and Mark Cuban — told the Post.

"They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent."

UAV has since threatened to block TMTG's merger with the SPAC, which would significantly delay its plans to go public. The SPAC stated in a filing with the Securities and Exchange Commission that the latest developments could "significantly impact" the proposed merger and "negatively impact investor confidence and market perception."