A key shareholder in former President Donald Trump’s social media company has sold nearly all his shares, reducing his stake to a fraction of its former size. Andy Litinsky, a co-founder of Trump Media & Technology Group and former contestant on Trump’s reality show “The Apprentice,” now holds just 100 shares, down from over 7.5 million shares as of late March, according to regulatory filings released Thursday.
Litinsky’s firm, United Atlantic Ventures, had previously held a significant stake in Trump Media, which owns the social media platform Truth Social. At current market prices, the sold shares were valued at approximately $100 million. The move comes amid ongoing legal disputes between Litinsky and Trump Media over the ownership and management of the shares.
The timing of the sale aligns with the end of a lock-up period that had restricted insiders from selling their shares. Despite the recent volatility in the stock price, which has plummeted to record lows, Litinsky’s sale signals significant changes within the company’s investor base.
An attorney for United Atlantic Ventures did not immediately respond to requests for comment.
The sale has raised questions about the future of Trump’s own investment in the company. The former president, who owns 114.75 million shares, confirmed earlier this month that he does not intend to sell his dominant stake, which was valued at $6.2 billion in mid-May. However, following a steep decline in Trump Media’s share price, his stake is now worth around $1.6 billion, based on Thursday’s closing price of $13.98. The share price fell by another 1% in after-hours trading following news of Litinsky’s divestment.
The broader implications of this sale for Trump Media and its operations remain uncertain as the company navigates both legal and financial challenges.