A prominent shareholder in Donald Trump’s media company has nearly eliminated its stake, coinciding with the recent expiration of selling restrictions. United Atlantic Ventures, managed by Andrew Litinsky—co-founder of Trump Media and a former participant on “The Apprentice”—has slashed its ownership from over 7.5 million shares, representing 5.5% of Trump Media & Technology Group, to just 100 shares, according to a filing made late Thursday.
United Atlantic Ventures was previously one of the company’s top three shareholders. Trump himself holds approximately 57% of Trump Media. Following the end of insider trading restrictions related to the company’s March debut on the stock market, shares of Trump Media, which operates the Truth Social app, have experienced significant volatility.
On Thursday, the stock dipped about 1%, valuing the company at $2.8 billion. After its Wall Street debut, Trump Media’s market value soared to nearly $10 billion, buoyed by retail investors betting on Trump’s prospects for a second presidential term. However, the stock has since lost ground, with declines accelerating after President Joe Biden announced the end of his reelection campaign on July 21.
Trump’s stake in Trump Media is estimated to be worth around $1.6 billion. He stated on September 13 that he does not intend to sell his shares, shifting attention to other major stakeholders who may choose to cash out.
Litinsky’s office did not immediately respond to inquiries regarding the significant reduction in shares. Financially, Trump Media has been struggling, with revenues comparable to that of just two Starbucks locations.
