A Florida firm owned by former contestants on “The Apprentice” has disposed of nearly all its 5.5% stake in Trump Media & Technology Group, which owns former president Donald Trump’s Truth Social platform.
United Atlantic Ventures LLC, which owned around 7.53 million shares of common stock in TMTG, now owns only 100, according to a regulatory filing Thursday.
Fort Lauderdale-based UAV is owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice” who also helped facilitate a merger that took Trump Media public in March.
Attorneys for Trump Media have argued that UAV is not entitled to shares in the company because of mismanagement by Litinsky and Moss.
But earlier this month, a federal judge in Delaware ruled in the firm’s favor in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. The court’s summary judgment in the case came in response to UAV seeking assurance from the judge that it would be able to sell its minority stake in TMTG.
TMTG’s share price hit a high of $79.38 on its first day of trading. It closed Thursday at $13.98 per share.
© 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Citation:
Ex-‘Apprentice’ candidates dump nearly entire stake in owner of Trump’s Truth Social platform (2024, September 27)
retrieved 27 September 2024
from https://techxplore.com/news/2024-09-apprentice-candidates-dump-entire-stake.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
