One of former President Donald Trump's largest shareholders in his media company has sold most of his stock after recent sales restrictions were lifted.
United Atlantic Ventures, run by Trump Media co-founder Andrew Litinsky, who appeared on President Trump's popular reality show “The Apprentice,” has acquired a 5.5% stake in Trump Media & Technology for 7.5 million yen. It was reported that the number of shares had been reduced from more than 100 shares to just 100 shares. Submitted late Thursday.
United Atlantic was one of the company's top three shareholders. Republican presidential candidate Trump owns about 57% of Trump Media stock.
Shares of Trump Media, which operates the Truth Social app, have remained volatile over the past five trading sessions following the end of insider trading regulations related to the company's stock market debut in March.
The company's stock price fell about 1% on Thursday ahead of the filing, giving it a market value of $2.8 billion.
Trump Media's value ballooned to nearly $10 billion after its Wall Street debut, with retail traders viewing it as a speculative bet on Trump's chances of securing a second four-year term in office. lifted by.
Since then, Trump Media's stock has steadily lost ground, and the decline accelerated after President Joe Biden ended his re-election campaign on July 21.
President Trump, whose Trump Media stock is worth about $1.6 billion, said on September 13 that he had no intention of selling the stock, shifting his focus to other major shareholders who could cash out.
Representatives for Mr. Liczynski did not immediately respond to a request for comment on the inventory reduction.
Trump Media is burning cash, and its revenue is roughly equal to the revenue of two Starbucks coffee shops.
