United Atlantic Ventures LLC (UAV) has divested more than 7.5 million shares of Trump Media, as detailed in a 13G regulatory filing submitted to the Securities and Exchange Commission (SEC) on Thursday. The filing indicates that UAV now holds less than 5% of the company’s common stock, a sharp decline from the 7,525,000 shares it owned following the merger in late March, which represented 5.5% of Trump Media’s stock.
As of the filing date, UAV’s holdings have plummeted to just 100 shares. Andrew Litinsky, the managing member of UAV, is acknowledged as sharing beneficial ownership of these shares.
Litinsky and Wes Moss, former co-founders of Trump Media, originally pitched the idea for the company to former President Donald Trump while competing on his show, “The Apprentice.” The concept emerged after Trump faced bans from Twitter (now X) and Facebook (META) following the January 6 Capitol attack.
Since the company’s inception, Litinsky and Moss have been engaged in legal disputes regarding claims that Trump Media has diluted their share value within the multi-billion dollar entity.
This significant sell-off occurred shortly after Trump asserted earlier this month that he had “absolutely no plans” to divest his stake, which comprises approximately 56% of the company.
