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The co-founders of Trump Media & Tech Group – the alleged brains behind Donald Trump’s Truth Social platform – have sold almost all their stock in the company, worth a reported $100m.
According to a regulatory filing, United Atlantic Ventures has disposed of nearly all its 5.5 percent stake in Trump Media – traded under the ticker DJT – which owns Donald Trump’s Truth Social platform.
United Atlantic Ventures is an investment firm owned by Andrew Litinsky and Wesley Moss, who were also former contestants on series two of The Apprentice.
The duo sold most of their stake in the company after a lockup agreement that stopped large investors, including the former president, from selling any shares ended on September 19.
Trump is yet to offload any of his stock with the Republican presidential nominee insisting he would not be selling his shares and reaffirming his commitment to Truth Social when the lockup agreement ended.
“A lot of people think that I will sell my shares, you know, they’re worth billions of dollars, but I don’t want to sell my shares. I don’t need money,” he said earlier this month. “I love it. I use it as a method of getting out my word.”
After Trump was banned from Twitter – now Elon Musk’s X – following the January 6 Capitol riot, Litinsky and Moss pitched the former president the idea of launching Truth Social, according to the BBC. They then helped facilitate a merger that took Trump Media public in March.
But relations between the company and Litinsky and Moss turned sour.
Attorneys for Trump Media had argued that UAV was not entitled to shares in the company alleging mismanagement by the former Apprentice contestants.
But earlier this month, a federal judge in Delaware ruled in the firm’s favor in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. The court’s summary judgment in the case came in response to UAV seeking assurance from the judge that it would be able to sell its minority stake in Trump Media.
DJT’s stock price has been particularly volatile over the last few months.
The share price hit a high of $79.38 on its first day of trading as a public company in March but closed Thursday at $13.98 per share. Trump, who owns 114.75 million shares, has seen his stake drop from being worth $6.2bn in May to $1.6bn based on Thursday’s closing price, CNN reported.
Following the presidential debate against rival Kamala Harris, the company saw another dip in the share price.
