(Reuters) – One of the largest shareholders in former US President Donald Trump’s media company has almost canceled his stake after sale restrictions recently expired.
United Atlantic Ventures, run by Trump Media co-founder Andrew Letinsky, who appeared on Trump’s reality TV show “The Apprentice,” has reduced its 5.5% stake in Trump Media & Technology from more than 7.5 million shares to just 100 shares. , according to the filing. Late Thursday.
United Atlantic was one of the company’s three largest shareholders. Republican presidential candidate Trump owns about 57% of Trump Media.
Shares of Trump Media, which operates the Truth Social app, have been volatile over the past five trading sessions after insider trading restrictions related to the company’s stock market debut in March ended.
The company’s shares fell about 1% on Thursday, before the filing, giving its market value at $2.8 billion.
Trump Media’s value swelled to nearly $10 billion after its Wall Street debut, buoyed by retail traders who saw it as a speculative bet on Trump’s chances of securing a second four-year term as president.
Since then, Trump Media shares have steadily lost ground, with the stock’s decline accelerating after President Joe Biden ended his re-election bid on July 21.
Trump, whose stake in Trump Media is worth about $1.6 billion, said on September 13 that he had no plans to sell his shares, shifting focus to other key stakeholders who could make money.
A representative for Litinsky did not immediately respond to a request for comment on the inventory reduction.
Trump Media was burning cash and had revenue equivalent to that of two Starbucks coffee shops. (This story has been corrected to fix hyperlinks, in paragraphs 7, 8)
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