United Atlantic Ventures LLC (UAV) has divested over 7.5 million shares of Trump Media’s stock, according to a 13G regulatory filing made with the Securities and Exchange Commission (SEC) on Thursday.
The filing reveals that UAV now owns less than 5% of the company’s common stock. This follows the merger in late March, during which UAV held 7,525,000 shares, representing 5.5% of the company’s stock. As of the filing date, UAV’s holdings have significantly decreased to just 100 shares. Andrew Litinsky, the managing member of UAV, is considered to share beneficial ownership of these shares, per the filing.
In February 2021, Litinsky and Wes Moss, former co-founders of Trump Media, proposed the idea of the company to former President Donald Trump while they were contestants on his show, “The Apprentice.” The duo suggested the concept after he was banned from Twitter (now known as X), and Facebook (META), in the aftermath of the Jan. 6 attack on the Capitol.
Since then, Litinsky and Moss have been embroiled in legal battles over claims that Trump Media has diluted their share value in the multi-billion dollar company.
The sell-off comes shortly after Trump stated earlier this month that he had “absolutely no plans” to sell his stake of company shares, which come to roughly 56%.