CNN —
A major shareholder in Trump Media and a former star of “The Apprentice” has given up nearly all of his stake in former President Donald Trump’s social media company. The stock is worth about $100 million at current prices, although the stock price is volatile.
United Atlantic Ventures, run by Trump Media & Technology Group co-founder Andy Litinsky, currently owns just 100 shares of the company, according to a regulatory filing released Thursday. I haven’t. This is down from the more than 7.5 million shares the company held as of late March.
A lawyer for United Atlantic Ventures did not respond to a request for comment.
The stock sale is not shocking, given that Litinsky and Trump Media are embroiled in a legal battle over the stock.
Lichinsky was a cast member on Trump’s NBC show, “The Apprentice,” where he helped develop Trump’s persona as a successful businessman.
Lock-up regulations that prevented insiders from selling their shares in Trump Media, the owner of Truth Social, appear to have been lifted.
The big question was whether Trump himself would sell some or all of his controlling stake in the company, but the former president declared earlier this month that he would not.
Trump owns 114.75 million shares of Trump Media, according to the latest filing. The stock was worth $6.2 billion as of mid-May. But Trump Media’s stock price has plummeted in recent months, hitting a record low earlier this week.
Based on Thursday’s closing price of $13.98, Trump’s stock is worth about $1.6 billion. The stock price fell about 1% in after-hours trading following news of the stock sale.
