In a significant move, United Atlantic Ventures, a major shareholder in Donald Trump’s media firm, has drastically cut its holdings following the expiration of insider trading restrictions. Managed by Andrew Litinsky, a cofounder of Trump Media and a former contestant on Trump’s reality show “The Apprentice,” United Atlantic has reduced its stake from approximately 5.5%—over 7.5 million shares—to just 100 shares, according to a filing submitted on Thursday.
Previously one of the top three shareholders of Trump Media & Technology, United Atlantic’s exit marks a notable shift in ownership dynamics. Trump himself retains about 57% of the company, which operates the Truth Social app.
The stock of Trump Media has experienced volatility in recent trading sessions, coinciding with the lifting of restrictions on insider trading following the company’s debut on the stock market in March. On Thursday, shares fell nearly 1% ahead of the filing, valuing the company at approximately $2.8 billion.
After its Wall Street debut, Trump Media saw its market valuation soar to nearly $10 billion, driven by retail investors who speculated on Trump’s potential return to the presidency. However, the company’s stock has been on a downward trend since President Joe Biden announced the suspension of his reelection campaign on July 21.
Trump’s holdings in Trump Media are estimated to be worth around $1.6 billion. On September 13, he indicated that he did not intend to sell his shares, shifting attention toward other significant stakeholders who may consider liquidating their positions.
Litinsky’s office has yet to respond to requests for comments regarding the substantial reduction in stock holdings. Meanwhile, Trump Media continues to face financial challenges, reportedly burning through cash with revenues comparable to that of just two Starbucks coffee shops.
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