The co-founder of Trump Media and a previous contestant on "The Apprentice" divests approximately $100 million in shares.
United Atlantic Ventures, led by Trump Media & Technology Group co-founder Andy Litinsky, currently holds only 100 shares in the company, as per recent filings released last Thursday. This is a significant decrease from the over 7.5 million shares the firm previously owned as of late March.
A legal representative for United Atlantic Ventures didn't promptly provide a statement in response to a request for comment.
The stock sale isn't surprising, considering the ongoing legal struggle between Litinsky and Trump Media regarding the shares.
Litinsky was a contestant on Donald Trump's NBC show "The Apprentice," which helped enhance Trump's reputation as a prosperous entrepreneur.
Initially, insiders were prohibited from selling shares in Truth Social's parent company, Trump Media, due to lock-up restrictions. However, it seems these restrictions have been lifted.
The main question had been if Trump himself would sell a portion or all of his substantial stake in the company. But earlier this month, Trump announced he won't be selling his shares.
As of the latest filings, Trump owns around 114.75 million shares in Trump Media. This stake was worth approximately $6.2 billion as recently as mid-May. However, Trump Media's stock price has plummeted in recent times, hitting record lows earlier this week.
At Thursday's closing price of $13.98, Trump's stake is now valued at about $1.6 billion. Post-market trading saw the stock decreasing by approximately 1%.
The decrease in United Atlantic Ventures' shares in Trump Media & Technology Group could potentially impact their business strategy. Despite the stock sale, Trump Media's legal struggle with Litinsky over shares may pose further challenges for the business.
