United Atlantic Ventures (UAV), an investment firm co-founded by former “Apprentice” contestants Andrew Litinsky and Wesley Moss, has sold nearly all of its stake in Trump Media & Technology Group, the company behind Truth Social.
This move comes just days after a lock-up period preventing insider sales expired on September 19.
According to a Securities and Exchange Commission filing on Thursday, UAV divested approximately 11 million shares, retaining only 100 shares in the company they once helped create.
While the exact amount received for the stock sale wasn’t disclosed, estimates based on recent trading prices suggest the transaction could have netted between $128 million and $170 million.
Litinsky and Moss, who appeared on the second season of “The Apprentice,” co-founded Trump Media with former President Donald Trump in 2021. However, their relationship with Trump has since soured, leading to a series of lawsuits over the past year.
In February, the two sued Trump, accusing him of attempting to dilute their shares ahead of the company’s merger with Digital World Acquisition Corp. Trump countered with his own legal action, alleging mismanagement and arguing they should forfeit their stock.
The sale by UAV marks a significant shift in Trump Media’s ownership structure. Trump himself remains the majority shareholder, owning about 56% of the company’s stock, and has stated he has “absolutely no intention of selling” his shares.
Trump Media’s stock has experienced considerable volatility since its public debut. After initially soaring to a high of $79.38 per share, the price has since declined by over 80%, bringing the company’s market capitalization below $2.8 billion. Some analysts have characterized it as a “meme stock,” with price movements driven more by investor sentiment towards Trump than by traditional business metrics.
The company’s financial performance has been challenging, with reported net losses of around $344 million on revenues of less than $2 million in its last two quarterly reports.
UAV is the only known insider to sell shares following the lock-up expiration. Neither Trump Media nor UAV have commented on the stock sale as of this report.