Two early investors in Trump Media & Technology Group (TMTG) — the parent company of former President Donald Trump’s Truth Social platform — have sold nearly their entire stake in the company, according to recent regulatory filings, in a dramatic shift for one of the social media firm’s most high‑profile minority shareholders. AP News
The sellers, United Atlantic Ventures LLC (UAV), an investment vehicle owned by former The Apprentice contestants Andrew Litinsky and Wesley Moss, offloaded virtually all of their shares in TMTG, leaving the firm with just 100 shares of stock. Previously, the firm had held roughly 7.53 million shares, representing about 5.5 % of TMTG’s outstanding common stock. AP News
From Reality TV to Early Investors
Litinsky and Moss — who appeared on the 2004 season of The Apprentice with Trump — were not only investors but also instrumental in helping launch Truth Social and related business ventures. The pair were involved in early efforts to build a social media ecosystem for Trump after his bans from mainstream platforms, ultimately helping persuade him to establish a new, right‑leaning network. Wikipedia
Their stake in TMTG became public when the company merged with a special purpose acquisition company (SPAC) and began trading on the Nasdaq in March 2024 under the ticker symbol “DJT.” The stock soared on its debut but later slid sharply, reflecting shifting investor sentiment and broader market volatility. Fortune
Lock‑Up Period and Sale Timeline
Insiders like UAV had been restricted by a lock‑up agreement that barred them from selling their shares immediately after the SPAC merger. Those restrictions lapsed around September 19, 2024, opening the door for insiders to divest. Once the lock‑up expired, UAV moved quickly to offload most of its holdings in TMTG. Fortune
The regulatory filing shows that by the time of the sale, UAV’s holdings had dropped from roughly 7.5 million shares to just a symbolic 100 shares. While the exact timing of the transactions was not detailed, the sale reportedly occurred after the lock‑up ended, and given prevailing share prices at the time, the divestiture likely generated tens of millions of dollars for UAV. Fortune
Legal Wrangling and Strained Relations
The relationship between UAV and Trump Media’s leadership had grown contentious in the years following the company’s founding. TMTG previously sued Litinsky and Moss, arguing they were not entitled to their shares due to alleged mismanagement, a claim the investors denied. At the same time, UAV filed its own lawsuit against a stock transfer agent to ensure it could sell its shares once lock‑up restrictions expired — a move that a federal judge in Delaware ultimately upheld. AP News
The legal back‑and‑forth effectively underscored deteriorating ties between the early backers and the firm they helped establish, and may have influenced the decision to cash out rather than remain invested. AP News
Market Impact and Investor Sentiment
TMTG’s stock has experienced significant volatility, far below its initial high of more than $79 per share on debut, and trading at much lower levels in recent quarters. This price contraction and limited liquidity may have made exiting more attractive for minority holders such as UAV. Fortune
Analysts say that while the departure of one minority investor does not directly alter control — TMTG remains majority‑owned by the Donald J. Trump Revocable Trust, which holds over 50 % of the company — it could influence market perceptions. Large insider sales can signal reduced confidence or a recalibration of risk, especially in a thinly traded stock. Wikipedia
The departure also removes a potential overhang on the market from a large block of tradable shares, which may help reduce selling pressure — though the stock’s future trajectory will depend on broader business developments and Truth Social’s ability to grow revenue beyond its current niche user base. Wikipedia
Truth Social at a Crossroads
Truth Social, positioned as a conservative alternative to mainstream social networks, has drawn both fervent support and criticism since its launch in 2022. While it has maintained a dedicated user base, financial performance and monetization have been uneven, and the platform’s parent company has reported losses and modest revenues. Wikipedia
In recent months, TMTG has pursued partnerships and other strategic initiatives aimed at expanding its footprint, but faces stiff competition from larger social media companies and ongoing skepticism from some investors about the sustainability of its business model. Wikipedia
What Comes Next
As UAV’s near‑complete exit highlights shifting investor dynamics, TMTG faces the challenge of demonstrating long‑term viability to both the market and its user base. For now, the sale by two of the company’s earliest backers serves as a notable chapter in the story of a media venture that intersects politics, technology and finance in a highly charged environment.
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