A Florida firm owned by former contestants on “The Apprentice” has recently sold off nearly all its stake in Trump Media & Technology Group, the company behind former President Donald Trump’s Truth Social platform. United Atlantic Ventures LLC, owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, had previously owned around 7.53 million shares of common stock in TMTG but now only holds 100 shares. This decision comes after a legal battle where Trump Media argued that UAV was not entitled to shares due to mismanagement by Litinsky and Moss.
The dispute between UAV and Trump Media reached a turning point earlier this month when a federal judge in Delaware ruled in favor of the firm in a lawsuit against Odyssey Transfer and Trust, a securities transfer agent. The court’s decision came in response to UAV seeking assurance that it would be able to sell its minority stake in TMTG. This ruling provided UAV with the clarity it needed to proceed with divesting its shares in the company. TMTG’s share price has experienced significant fluctuations, from a high of $79.38 on its first day of trading to closing at $13.98 per share on Thursday.
Litinsky and Moss, who played a key role in facilitating a merger that took Trump Media public in March, have faced scrutiny over their management of UAV and its stake in TMTG. Trump Media’s attorneys claimed that the firm’s ownership was invalid due to alleged mismanagement by Litinsky and Moss. However, the recent legal victory for UAV has allowed the firm to move forward with its decision to sell off the majority of its shares in TMTG. The outcome of this dispute sheds light on the complexities of ownership and management in the corporate world.
The involvement of former contestants from “The Apprentice” in this legal dispute adds an interesting dynamic to the story, given their ties to President Trump and their roles in the TV show’s history. Litinsky and Moss, who have since moved on to establish their own firm, found themselves entangled in a legal battle over their ownership and management of UAV’s stake in Trump Media. The recent court ruling in their favor has paved the way for UAV to exit its investment in TMTG, signaling a resolution to the long-standing dispute between the parties involved.
As Trump Media continues to navigate the challenges of launching and operating Truth Social, the departure of UAV as a significant shareholder may have implications for the company’s future. The decision by Litinsky and Moss to sell off the majority of their stake in TMTG could impact the company’s shareholder structure and strategic direction moving forward. With the legal dispute now behind them, UAV can focus on its next steps as it moves on from its involvement with Trump Media and looks towards new opportunities in the business landscape.
