Considered one of the most important shareholders in former President Donald Trump’s media company has all but eliminated its stake following the recent end of selling restrictions.
United Atlantic Ventures, managed by Trump Media co-founder Andrew Litinsky, who had appeared on Trump’s hit reality TV show “The Apprentice,” cut its 5.5% stake in Trump Media & Technology from over 7.5 million shares to simply 100 shares, based on a filing late on Thursday.
United Atlantic had been one in all the corporate’s top three shareholders. Republican presidential candidate Trump owns about 57% of Trump Media.
Shares of Trump Media, which operates the Truth Social app, have been volatile over the past five trading sessions following the top of insider trading restrictions related to the corporate’s March stock market debut.
Shares of the corporate dipped about 1% on Thursday, ahead of the filing, leaving it with a stock market value of $2.8 billion.
Trump Media’s value ballooned to almost $10 billion following its Wall Street debut, lifted by retail traders who saw it as a speculative bet on Trump’s probabilities of securing a second four-year term as president.
Since then, Trump Media shares have steadily lost ground, with share declines accelerating after President Joe Biden ended his reelection bid on July 21.
Trump, whose stake in Trump Media is price roughly $1.6 billion, said on Sept. 13 that he didn’t plan to sell his shares, turning the main target to other major stakeholders who could money out.
A representative for Litinsky didn’t immediately reply to a request for comment on the stock reduction.
Trump Media has been burning money and its revenue is about corresponding to that of two Starbucks coffee shops.
