United Atlantic Ventures, led by Andrew Litinsky and Wesley Moss, has divested nearly its entire 5.5 percent share, valued at $100 million, in Trump Media & Technology Group Corp. (DJT), according to a regulatory filing. Litinsky and Moss, who were former contestants on Trump's television show "The Apprentice," were instrumental in orchestrating Trump Media's merger in March.
This action follows the expiration of a lockup agreement on September 19, which had previously prohibited major investors, including Donald Trump, from selling their shares.
Despite arguments from Trump Media's attorneys that the Florida-based investment firm was not entitled to company shares due to Litinsky and Moss's alleged mismanagement, a Delaware federal judge ruled in favor of United Atlantic Ventures. The lawsuit was filed against Odyssey Transfer and Trust, a securities transfer agent, and the ruling allows Litinsky and Moss to sell their stake in Trump Media.
The company's stock has experienced significant volatility in recent months. Notably, the former President's stake, valued at $6.2 billion in May, plummeted to $1.6 billion as of Thursday's closing price, according to CNN reports.
