United Atlantic Ventures (UAV) has sold more than 7.5 million shares of Trump Media, according to a report. 13G regulatory filing filed with the Securities and Exchange Commission (SEC) on Thursday.
The filing shows that UAV – a company founded 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 the merger between Trump Media and Technology Group and the special purpose acquisition company Digital World Acquisition Corp. at the end of March, which allowed Trump Media to go public, UAV owned 7,525,000 shares, representing 5.5% of the company’s stock.
As of the filing date, UAV’s holdings have dropped significantly to just 100 shares. According to the filing, Litinsky, the managing member of UAV, is expected to share beneficial ownership of these shares.
In February 2021, Litinsky and Moss proposed the idea of the company to former President Donald Trump while appearing on his show “The Apprentice.” The duo proposed the concept after he was forbidden from Twitter (now known as X) and Facebook (META), in the wake of the January 6 attack on the Capitol.
In recent months, so have Litinsky and Moss embroiled in legal battles over claims that Trump Media diluted their stock value in the US billion dollar company.
The pair was also subjected to the same six-month share lock-up agreement like Trump, who ended last week. After the 180-day lock-up period, major investors in the company were allowed to start selling shares.
However, the former president and Republican presidential candidate said earlier this month that he “absolutely no plans‘to sell his importance of company shareswhich amounts to approximately 56%.
Shares of Trump Media closed 4% higher on Thursday, ending the trading day at $14.13 each. Since its debut on the Nasdaq in late March, the company’s shares have fallen nearly 76%.
— Rocio Fabbro contributed to this article.