A Florida company owned by former contestants on “The Apprentice” has sold almost its entire 5.5% stake in Trump Media & Technology Group, which owns former President Donald Trump’s Truth Social platform.
United Atlantic Ventures LLC, which held about 7.53 million shares of TMTG common stock, now owns just 100, according to a regulatory filing Thursday.
The Fort Lauderdale-based drone is owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice,” who also helped facilitate a merger that went public with Trump Media in March.
Trump Media’s lawyers argued that UAV was not entitled to stock in the company because of poor management by Litinsky and Moss.
But earlier this month, a federal judge in Delaware ruled in favor of the company in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. The court’s summary judgment in this case came in response to UAV seeking assurances from the judge that it would be able to sell its minority stake in TMTG.
TMTG stock price reached a high of $79.38 on its first day of trading. It closed Thursday at $13.98 per share.
