Major Trump Media shareholder dumps nearly entire stake
From AP
Amajor Trump Media & Technology (NASDAQ:DJT) shareholder has dumped 7.53 million shares it owned in the Truth Social parent, according to a filing with the US Securities and Exchange Commission filing Thursday.
United Atlantic Ventures (UAV) said in the filing it owned 7.525 million shares in Trump Media, or 5.5%, as of March 25 when Trump Media merged with Digital World Acquisition Corp. (DWAC).
UAV, which is co-owned by Andrew Litinsky and Wes Moore, said it owns 100 Trump Media shares on Thursday. Litinsky and Moore helped shepherd the combination of Trump Media and DWAC.
Former President Donald Trump is the majority shareholder of Trump Media with a 56% stake.
A federal judge earlier this month ruled in favor of UAV to allow the firm to sell its minority stake in Trump Media. Trump Media argued that UAV was not entitled to shares in the company due to mismanagement by Litinsky and Moore before the merger.
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