CNN
—
A major Trump Media shareholder and former contestant on “The Apprentice” has given up almost his entire stake in former President Donald Trump’s social media company. Although the stock price has been volatile, this stake is worth about $100 million at current prices.
United Atlantic Ventures, run by Andy Litinsky, co-founder of Trump Media & Technology Group, now owns just 100 shares of the company, according to regulatory filings released Thursday. That’s down from just over 7.5 million shares the company held at the end of March.
An attorney for United Atlantic Ventures did not immediately respond to a request for comment.
The sale of the shares is not shocking given that Litinsky and Trump Media are mired in a legal battle over the shares.
Litinsky appeared on Trump’s NBC show “The Apprentice,” which helped cement Trump’s persona as a successful businessman.
Insiders were prohibited from selling shares of Truth Social’s owner, Trump Media, due to the lock-up restrictions, which appear to have been lifted.
The big question was whether Trump himself would sell some or all of his majority stake in the company, but the former president said earlier this month that he would not sell.
Trump owns 114.75 million shares of Trump Media, according to the most recent filings. That stake was worth $6.2 billion as recently as mid-May. However, Trump Media’s stock price has collapsed in recent months, falling to a record low earlier this week.
Trump’s stake is worth about $1.6 billion based on Thursday’s closing price of $13.98. After hours trading, the stock fell about 1% following news of the stock sale.
