A major shareholder in Trump Media & Technology Group Corp (NASDAQ:DJT), Andy Litinsky, a co-founder of the company and former contestant on The Apprentice, has sold nearly his entire stake, valued at around $100 million based on current prices.
Litinsky’s firm, United Atlantic Ventures, now holds just 100 shares, down from over 7.5 million earlier this year, according to regulatory filings.
The share sale comes amidst a legal dispute between Litinsky and Trump Media over the shares.
Insiders were previously barred from selling due to lock-up restrictions, which have since lifted.
Former President Donald Trump, who owns 114.75 million shares, recently stated he has no plans to sell his stake, despite a sharp decline in the company's stock value, now worth approximately $1.6 billion.