A major shareholder and former contestant on “The Apprentice” has sold nearly all of his stake in Donald Trump’s social media company, worth roughly $100 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, down from over 7.5 million shares in late March. Litinsky and Trump Media have been involved in a legal battle over the shares, and insiders were previously prohibited from selling due to lock-up restrictions, which have now lifted.
Speculation had been growing over whether former President Trump himself would sell his stake in the company, as his 114.75 million shares were worth $6.2 billion as recently as mid-May. However, Trump announced earlier this month that he will not be selling his shares. Trump Media’s share price has experienced significant volatility, sinking to record lows earlier in the week. Trump’s stake is now valued at around $1.6 billion based on Thursday’s closing price of $13.98, with the stock dipping about 1% in after-hours trading following news of the share sale.
Litinsky, a former contestant on Trump’s TV show “The Apprentice,” has been embroiled in a legal battle with Trump Media over the shares. Despite owning a significant stake in the company, Litinsky’s firm has now unloaded most of its shares, leaving just 100 shares in its possession. The decision to sell comes after lock-up restrictions preventing insiders from selling their shares were lifted, allowing Litinsky to divest his stake in the company.
Trump Media stakeholders, including Litinsky and former President Trump, have been facing uncertainty as the company’s share price continues to fluctuate. Trump declared earlier this month that he will not be selling his stake, holding onto his 114.75 million shares, which are now valued at approximately $1.6 billion. The company’s share price has seen significant declines in recent months, reaching record lows earlier in the week. Insiders like Litinsky have faced legal challenges regarding their ownership of shares in the company.
The decision by Litinsky to sell most of his stake in Trump Media comes after a legal battle with the company and former President Trump over the ownership of shares. Litinsky’s firm, United Atlantic Ventures, now only owns 100 shares in the company, down from over 7.5 million shares in March. With lock-up restrictions preventing insiders from selling their shares now lifted, the question remains whether other stakeholders, including Trump himself, will follow suit. Despite the volatility in Trump Media’s share price, Trump has stated that he will not be selling his stake in the company, holding onto shares valued at $1.6 billion based on recent prices.
