One of the biggest investors in Trump Media & Technology Group has sold more than 7.5 million shares in former President Donald Trump’s Truth Social service, according to a new regulatory filing.
The investor, United Atlantic Ventures, owned 7.525 million shares in Trump Media as of March, or about 4% of the company’s outstanding shares, according to financial data firm FactSet. Trump is the company’s largest shareholder, holding about 60% of the stock, which trades under the ticker “DJT,” the same as Trump’s initials.
“As of the date of this filing, United Atlantic Ventures LLC owns 100 shares,” the filing states.
United Atlantic Ventures is the creation of two former contestants on “The Apprentice,” the reality show that starred Trump starting in 2004. Those ex-contestants, Andrew Litinsky and Wes Moss, had worked on the debut of the Truth Social network, but the relationship between the pair and the business soon soured, spinning into multiple lawsuits.
In March, a day before the DJT stock went public, Trump Media sued Litinsky and Moss, alleging they mismanaged the business and should be stripped of their shares. As part of their initial deal with Trump, the co-founders had received 8.6 million shares of Trump Media.
Meanwhile, Litinsky and Moss had filed an earlier complaint in February to prevent the former president from taking steps they claimed would sharply reduce their stake in Trump Media.
It’s unclear when United Atlantic Ventures sold the shares, but the filing comes after the expiration of a lock-up period that prevented insiders including Trump from selling their stakes. Such lock-up provisions are common in initial stock sales to prevent big shareholders from dumping their shares on the market, which would undercut the stock’s price.
Trump Media & Technology Group didn’t immediately respond to a request for comment.
If United Atlantic Ventures sold its shares on September 20, the first day after the expiration of the lock-up period, the sale proceeds would have amounted to $102 million. However, DJT shares slid over the following several days, hitting a low of $11.75 on September 24. At that price, the value would have dropped to $89 million.
Since hitting a low on September 24, DJT shares have rebounded slightly, ending trading Thursday at $14.13. But the stock has lost much of its value since its debut, plunging 82% since its peak of $79.38 on March 26.