DJT Stock: The Trump Media co-founder offloaded nearly $100 million worth of stock

CNN
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A major Trump Media shareholder and former contestant on The Apprentice has offloaded almost his entire stake in the social media company owned by former President Donald Trump. Although the stock price has been volatile, that stake is worth about $100 million at current prices.

United Atlantic Ventures, run by Trump Media & Technology Group co-founder Andy Letinsky, now owns just 100 shares in the company, according to regulatory filings released Thursday. That’s down from just over 7.5 million shares the company owned as of late March.

An attorney for United Atlantic Ventures did not immediately respond to a request for comment.

The stock sale is not shocking given that Litinsky and Trump Media are mired in a legal battle over the shares.

Letinsky was a contestant on Trump’s NBC show “The Apprentice,” which helped shape Trump’s persona as a successful businessman.

Insiders have been prevented from selling shares in Trump Media, owner of Truth Social, by lock-up restrictions, which appear to have been lifted.

The big question was whether Trump himself would sell some or all of his controlling stake in the company, but the former president announced earlier this month that he would not.

Trump owns 114.75 million shares of Trump Media, according to the most recent filings. The value of this share amounted to $6.2 billion as of mid-May. However, Trump Media’s stock price has collapsed in recent months, falling earlier this week to record lows.

Trump’s stake is worth about $1.6 billion based on Thursday’s closing price of $13.98. In after-hours trading, the stock fell nearly 1% on news of the stock sale.