A major Trump Media shareholder, Andy Litinsky, best known for his appearance on “The Apprentice,” has sold nearly all of his stake in former President Donald Trump’s social media company. Litinsky’s stake was worth approximately $100 million at current prices, down from over 7.5 million shares owned by United Atlantic Ventures, the firm he manages. Litinsky has been involved in a legal battle with Trump Media over the shares, and the sale comes after restrictions on insider selling were lifted.
The share sale is not surprising given Litinsky’s ongoing legal dispute with Trump Media. Litinsky, a former contestant on “The Apprentice,” had been prohibited from selling shares due to lock-up restrictions, which have now been lifted. The big question now is whether Trump himself will sell any of his 114.75 million shares in the company, which were worth $6.2 billion in mid-May but have since plummeted in value.
As Trump’s stake in Trump Media is now valued at about $1.6 billion based on the current share price, the former president recently stated that he has no plans to sell any of his shares. The company’s share price has been volatile, hitting record lows in recent weeks. Litinsky’s decision to sell his stake in the company may be a sign of broader challenges facing Trump Media, as the company struggles to maintain investor confidence amid legal battles and declining stock prices.
Litinsky’s decision to sell his shares in Trump Media comes after months of legal disputes and stock price volatility. Trump Media, which owns Truth Social, has faced challenges in recent months as its share price has plummeted. Litinsky’s firm, United Atlantic Ventures, now owns just 100 shares in the company, down from over 7.5 million shares earlier this year. Despite the upheaval, Trump has remained steadfast in his commitment to retaining his shares in the company.
The sale of Litinsky’s stake in Trump Media marks a significant development in the company’s ongoing struggles. Trump’s decision not to sell his shares despite the declining stock price may be a sign of his confidence in the company’s long-term prospects. However, the legal battles and internal disputes within Trump Media continue to cast uncertainty over the company’s future. Investors will be closely watching Trump Media’s next steps as it navigates these challenges and attempts to regain investor trust and confidence.
