On the day that insider trading restrictions expired for Trump Media, shares of the company dropped to the lowest they've ever been. Now, the organization's co-founders are selling millions of dollars worth of the company's stock.
The investment firm owned by former The Apprentice contestants Andrew Litinsky and , United Atlantic Ventures, sold nearly its entire 5.5% stake following the Sept. 19 expiry date of the lockup agreement that had been placed upon large investors.
Trump has repeatedly stated that he does not intend to sell his shares in the company, reiterating this again earlier this month.
"A lot of people think that I will sell my shares, you know, they're worth billions of dollars, but I don't want to sell my shares. I don't need money," said Trump. "I love it. I use it as a method of getting out my word."
"Even if Trump doesn't, it would be interesting if other insiders begin selling because that would be a clue as to what they think his mindset is about selling," said Steve Sosnick, chief strategist at Interactive Brokers, in a statement provided to Reuters.
CNBC reported that UAV could have received a payout as large as $170 million for their shares.
Following the suspension of Trump's Twitter (now X) account after the Jan. 6 riots, BBC reports that it was Litinski and Moss that came up with the idea for Truth Social.
Though they helped facilitate the merger that allowed Trump Media to go public in March, attorneys for the company argued that, due mismanagement by Litinski and Moss, UAV was not entitled to company shares.
Trump, who owns over half of the company, is the owner of 114.7 million DJT shares, referring to the ticker Trump Media shares are traded under.
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