Trump Media co-founder dumps about $144.6 million worth of stock
A major Trump Media shareholder and former contestant on The Apprentice has unloaded almost his entire stake in former President Donald Trump's social media company.
Although the stock price has been volatile, that stake is worth roughly $144.6 million at current prices.
United Atlantic Ventures, managed by Trump Media & Technology Group co-founder Andy Litinsky, now owns just 100 shares in the company, according to regulatory filings released on Thursday.
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A major Trump Media shareholder has unloaded almost his entire stake in former President Donald Trump's social media company. AP
That is down from just over 7.5 million shares that the firm owned as of late March.
An attorney for United Atlantic Ventures did not immediately respond to a request for comment.
The share sale is not shocking given that Litinsky and Trump Media have been mired in a legal battle over the shares.
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Insiders were prohibited from selling shares in Truth Social owner Trump Media by lock-up restrictions, which appear to have lifted. Scott Olson/Getty Images
Litinsky was a contestant on Trump's NBC show The Apprentice, which helped burnish Trump's persona as a successful businessman.
Insiders were prohibited from selling shares in Truth Social owner Trump Media by lock-up restrictions, which appear to have lifted.
The big question had been whether Trump himself would sell some or all of his dominant stake in the company, but the former president declared earlier this month he will not be selling.
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Trump owns 114.75 million shares in Trump Media, according to the most recent filings.
That stake was worth $8.9 billion as recently as mid-May.
However, Trump Media's share price has crashed in recent months, sinking earlier this week to record lows.
Trump's stake is worth about $2.3 billion based on Thursday's closing price of $20.23.
In after-hours trading, the stock dipped about one per cent following news of the share sale.
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