The co-founders of Trump Media, Andy Litinsky and Wes Moss, wasted no time in offloading millions of shares after the expiration of a lock-up agreement that restricted their ability to sell. Within just a week of the restrictions lifting, the duo sold over 7.5 million shares of Trump Media & Technology Group Corp., as detailed in a regulatory filing on Thursday. Based on the lowest trading price since the lock-up ended, their stake was valued at a minimum of $88 million.
Despite the opportunity to cash in, the delay in selling their stock for nearly six months likely cost them hundreds of millions in potential gains. Litinsky and Moss played key roles in launching Trump Media, which operates the Truth Social platform.
Former President Donald Trump, now the Republican nominee, has reportedly refrained from selling his shares, maintaining his position of nearly 115 million shares valued at around $1.6 billion. However, the rules governing his share sales limit how quickly he can convert those holdings into cash.
Investors had anticipated the stock sales from Litinsky and Moss and are also on alert for potential sales from Patrick Orlando, whose ARC Global Investments II LLC was behind the special-purpose acquisition company that took Trump Media public. So far, there have been no reports of Orlando selling any shares.
