United Atlantic Ventures (UAV) has divested over 7.5 million shares of Trump Media’s stock, according to a 13G regulatory filing made with the Securities and Exchange Commission (SEC) on Thursday.
The filing reveals that UAV — a firm created by Trump Media co-founders Andrew Litinsky and Wes Moss — now owns less than 5% of the company’s common stock.
At the time of merger between Trump Media and Technology Group and special-purpose acquisition firm Digital World Acquisition Corp. in late March, which allowed Trump Media to go public, UAV held 7,525,000 shares, representing 5.5% of the company’s stock.
As of the filing date, UAV’s holdings have significantly decreased to just 100 shares. Litinsky, the managing member of UAV, is considered to share beneficial ownership of these shares, per the filing.
In February 2021, Litinsky and Moss proposed the idea of the company to former President Donald Trump while they were contestants on his show, “The Apprentice.” The duo suggested the concept after he was banned from Twitter (now known as X), and Facebook (META), in the aftermath of the Jan. 6 attack on the Capitol.
Over the last several months, Litinsky and Moss have been embroiled in legal battles over claims that Trump Media has diluted their share value in the multi-billion dollar company.
The pair were also subject to the same six-month share lockup agreement as Trump, which ended last week. Following the 180-day lockup period, major investors in the company were allowed to begin selling off shares.
The former president and Republican presidential nominee said earlier this month, however, that he has “absolutely no plans” to sell his stake of company shares, which comes out to roughly 56%.
Shares of Trump Media closed up 4% Thursday, ending the trading day at $14.13 apiece. Since debuting on the Nasdaq in late March, the company’s stock has plunged nearly 76%.
— Rocio Fabbro contributed to this article.
