An investment firm created by two of Truth Social’s co-founders has unloaded more than 7.5 million shares of Donald Trump’s social media company, marking the first insider transaction since the company’s the lock-up agreement expired last week.
United Atlantic Ventures — which was created by former “Apprentice” contestants and Trump Media co-founders Andy Litinsky and Wes Moss — sold 7,525,000 shares of the social media company, according to a filing with the Securities and Exchange Commission.
Based on the company’s current share price, the 5.5% stake in the company was worth more than $100 million.
Litinsky and Moss were key players in the creation of Trump Media, the parent company of Truth Social, but they have been embroiled in legal battles with the company in the past year. Both men claimed the company was trying to strip them of their shares, while Trump Media accused them of mismanagement that delayed the merger in March that took the company public.
In September, a Delaware judge ruled in favor of United Atlantic Ventures, clearing the way for it to eventually sell its shares.
In this photo illustration, the icon for the TruthSocial app is shown on a smartphone screen on August 22, 2024 in Berlin.
Florian Gaertner/Getty Images
The SEC filing listed Litinsky as a lead member of United Atlantic Ventures. A lawyer for the company did not immediately respond to a request for comment from ABC News.
Shares of Truth Social have hovered around $14 in the week following the expiration of the company’s lock-up provision, which prevented Trump and other early investors from selling any of their shares for six months after the company’s public offering.
Investors have so far shown little reaction to the news that the 7.5 million shares were sold. Trump himself — who has vowed not to sell his shares — has so far stuck to that promise.