> United Atlantic Ventures LLC, a major shareholder in Trump Media, has sold or otherwise gotten rid of more than 7.5 million shares in the company, according to a regulatory filing on Thursday.
> The move left UAV, a partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss, owning just 100 shares in Trump Media, which operates the Truth Social app.
> UAV was allowed to sell any of its 5.4% stake in DJT’s outstanding shares after a lock-up agreement that had barred company insiders from selling expired on Sept. 19.
> UAV is the only known insider to sell off shares since last week.
> Litinsky and Moss had pitched the idea of a social media company to former President Donald Trump, and co-founded the company with him in 2021. The duo later fell out with Trump, and have been embroiled in lawsuits over their shares since then.
> Trump owns more than 56% of Trump Media shares, which trade under the ticker DJT on the Nasdaq. The stock closed at $13.98 per share on Thursday.
> Securities and Exchange Commission filings show that UAV owned 7,525,000 shares of Trump Media as of March 25, the day the company completed a merger with the blank-check company Digital World Acquisition Corp.
> UAV later was awarded another 3.44 million shares that were issued “for no additional consideration based on the performance of our shares of Common Stock,” Trump Media said in an SEC filing on Sept. 5.
> That left UAV owning more than 10.96 million shares.
> Thursday’s SEC filing does not say when UAV shed its shares in the past week, and at what price or prices it received for that stock.
> But DJT has traded at prices between $15.50 per share and $11.75 in that period. That suggests UAV would have received between $128 million and $170 million for the shares it appears to have sold.
> Trump Media had warned in a Florida lawsuit against UAV that the company was planning to sell “all of its shares as soon as possible” once the lockup expired.
> Trump Media stock soared in its trading debut on the Nasdaq, reaching an intraday high of $79.38 per share and sending the company’s market capitalization north of $10 billion.
> But DJT’s price quickly pulled back.
> In recent months it has suffered a downward slide that erased more than 80% of the company’s value at its post-merger peak. The company’s market cap is now below $2.8 billion.
> Analysts view DJT as a meme stock whose wild price swings were driven more by investors’ support for Trump, the majority shareholder and Truth Social’s main draw, than its business fundamentals.
> Trump Media has reported net losses of around $344 million on revenues of less than $2 million in its last two quarterly earnings reports.
Admirable_Nothing on
A very smart move. Get out at $13/sh rather than the $1/sh it will be very soon.
hoppertn on
Ah, the first rat off the sinking ship.
Moonskaraos on
And so it begins.
arizonajill on
Why buy that much in the first place? There was no upside.
intronert on
Rug pulling grifter.
TapTheMic on
Considering the userbase, Trump should try and merge with Rumble.
Their users have a huge amount of crossover and Rumble having a Twitter/Instagram-like offshoot could give them a new area of revenue.
Raleighgm on
Surely Trump will save his own rug pull until after Election Day right?
9 Comments
> United Atlantic Ventures LLC, a major shareholder in Trump Media, has sold or otherwise gotten rid of more than 7.5 million shares in the company, according to a regulatory filing on Thursday.
> The move left UAV, a partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss, owning just 100 shares in Trump Media, which operates the Truth Social app.
> UAV was allowed to sell any of its 5.4% stake in DJT’s outstanding shares after a lock-up agreement that had barred company insiders from selling expired on Sept. 19.
> UAV is the only known insider to sell off shares since last week.
> Litinsky and Moss had pitched the idea of a social media company to former President Donald Trump, and co-founded the company with him in 2021. The duo later fell out with Trump, and have been embroiled in lawsuits over their shares since then.
> Trump owns more than 56% of Trump Media shares, which trade under the ticker DJT on the Nasdaq. The stock closed at $13.98 per share on Thursday.
> Securities and Exchange Commission filings show that UAV owned 7,525,000 shares of Trump Media as of March 25, the day the company completed a merger with the blank-check company Digital World Acquisition Corp.
> UAV later was awarded another 3.44 million shares that were issued “for no additional consideration based on the performance of our shares of Common Stock,” Trump Media said in an SEC filing on Sept. 5.
> That left UAV owning more than 10.96 million shares.
> Thursday’s SEC filing does not say when UAV shed its shares in the past week, and at what price or prices it received for that stock.
> But DJT has traded at prices between $15.50 per share and $11.75 in that period. That suggests UAV would have received between $128 million and $170 million for the shares it appears to have sold.
> Trump Media had warned in a Florida lawsuit against UAV that the company was planning to sell “all of its shares as soon as possible” once the lockup expired.
> Trump Media stock soared in its trading debut on the Nasdaq, reaching an intraday high of $79.38 per share and sending the company’s market capitalization north of $10 billion.
> But DJT’s price quickly pulled back.
> In recent months it has suffered a downward slide that erased more than 80% of the company’s value at its post-merger peak. The company’s market cap is now below $2.8 billion.
> Analysts view DJT as a meme stock whose wild price swings were driven more by investors’ support for Trump, the majority shareholder and Truth Social’s main draw, than its business fundamentals.
> Trump Media has reported net losses of around $344 million on revenues of less than $2 million in its last two quarterly earnings reports.
A very smart move. Get out at $13/sh rather than the $1/sh it will be very soon.
Ah, the first rat off the sinking ship.
And so it begins.
Why buy that much in the first place? There was no upside.
Rug pulling grifter.
Considering the userbase, Trump should try and merge with Rumble.
Their users have a huge amount of crossover and Rumble having a Twitter/Instagram-like offshoot could give them a new area of revenue.
Surely Trump will save his own rug pull until after Election Day right?
He selling watches to make up for loss.