FILE - The download screen for Truth Social app is seen on a laptop computer, March 20, 2024, in New York. (AP Photo/John Minchillo, File)
September 26, 2024 - 5:12 PM
A Florida firm owned by former contestants on “The Apprentice” has disposed of nearly all its 5.5% stake in Trump Media & Technology Group, which owns former president Donald Trump's Truth Social platform.
United Atlantic Ventures LLC, which owned around 7.53 million shares of common stock in TMTG, now owns only 100, according to a regulatory filing Thursday.
Fort Lauderdale-based UAV is owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice” who also helped facilitate a merger that took Trump Media public in March.
Attorneys for Trump Media have argued that UAV is not entitled to shares in the company because of mismanagement by Litinsky and Moss.
But earlier this month, a federal judge in Delaware ruled in the firm's favor in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. The court's summary judgment in the case came in response to UAV seeking assurance from the judge that it would be able to sell its minority stake in TMTG.
TMTG’s share price hit a high of $79.38 on its first day of trading. It closed Thursday at $13.98 per share.
News from © The Associated Press, 2024