United Atlantic Ventures (UAV), an investment partnership formed by former ‘Apprentice’ contestants Andrew Litinsky and Wes Moss, has sold over seven million shares of Trump Media & Technology Group Corp (DJT), the company behind the Truth Social app. This move follows the expiration of a lock-up agreement on September 19th. UAV now holds only 100 shares in the company, having previously owned a 5.4% stake.
This insider sale comes at a critical moment for Trump Media, raising questions about the company’s future. The sale of nearly 11 million shares by UAV is significant, as it is the only known insider to have sold shares since the lock-up period ended. Notably, former President Donald Trump, who holds over 56% of Trump Media, has stated that he has no plans to sell his own shares.
The timing of the sale raises eyebrows as Trump is considering running for president in 2024. Some observers have voiced concerns about potential conflicts of interest should Trump win the election. Concerns center around who might potentially acquire Trump’s shares and the potential influence his ownership of Trump Media could exert on the media landscape.
Meanwhile, some political figures, including Rep. Marjorie Taylor Greene (R-Ga.), have shown loyalty to Trump by retaining their investments in Trump Media. Greene recently disclosed her stock transactions, confirming her continued investment in Trump Media alongside investments in other companies.
The sale price of UAV’s shares was not disclosed, but based on the closing price of DJT stock last Friday, Benzinga estimates the sale to be approximately $151.32 million. Trump currently holds a significant stake of 114,750,000 shares, valued at $1.7 billion as of the lock-up expiration date. This sale and the potential for Trump to cash out his shares while maintaining control of the company further complicate the picture.
The future of Trump Media remains uncertain, but this insider sale signals a significant development that is sure to be closely watched as Trump’s political ambitions unfold.
