United Atlantic Ventures, a significant shareholder in Trump Media (NASDAQ:DJT), has sold nearly 11 million shares in the company, according to a regulatory filing Thursday, weeks after a federal judge cleared the way for the transaction.
The move left UAV — an investment partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss — owning just 100 shares in Trump Media, which operates the Truth Social app.
The amount of money UAV got from the stock sales, which occurred within the past week, was not disclosed.
But the price range that DJT shares has traded at during that time – which saw unusually heavy trading volume — suggests that UAV would have received between $128 million and $170 million for its stock.
UAV was allowed to dump its 5.4% stake in Trump Media after a lock-up agreement that barred company insiders from selling expired on Sept. 19.
UAV is the only known insider to sell off shares after that day.
Litinsky and Moss had pitched the idea of a social media company to former President Donald Trump, the star of the “Apprentice” show, and co-founded Trump Media with him in 2021.
The two later fell out with Trump and since then have been embroiled in lawsuits with Trump Media over their shares.
Trump owns 114.7 million DJT shares, more than 56% of Trump Media’s stock. The shares’ price gained 74 cents, or 5.3%, at Friday’s open to $14.72.