Major Insider Reduces Almost Entire Stake in Trump’s Media Firm, Reports Reuters

One of the largest shareholders in Donald Trump’s media company has nearly divested its stake following the recent expiration of selling restrictions. United Atlantic Ventures, which is managed by Andrew Litinsky, a cofounder of Trump Media and a former participant on Trump’s reality TV show “The Apprentice,” has reduced its holdings from over 7.5 million shares to just 100 shares, according to a filing made public late Thursday.

Previously among the top three shareholders, United Atlantic’s exit highlights the shifting dynamics within the company. Trump himself retains approximately 57% ownership of Trump Media.

The shares of Trump Media, known for its Truth Social app, have experienced significant volatility in the days following the lifting of insider trading limitations tied to its public debut in March. On Thursday, the company’s stock fell about 1%, which left its market capitalization at around $2.8 billion.

After its debut on Wall Street, Trump Media’s valuation soared to nearly $10 billion, driven by retail traders betting on Trump’s potential return to the presidency. However, the company’s stock has gradually declined, with the drop accelerating after President Joe Biden ceased his reelection campaign on July 21.

Trump, whose stake is valued at approximately $1.6 billion, stated on September 13 that he does not intend to sell his shares, thus shifting attention to other major shareholders who might consider exiting.

A representative for Litinsky did not provide immediate comments regarding the stock reduction. Currently, Trump Media is facing financial challenges, with its revenue reportedly comparable to that of two Starbucks locations.