We all knew it was coming, but the news just hit that a major Trump Media shareholder and former contestant on “The Apprentice” has unloaded almost his entire stake in former President Donald Trump’s social media company. The stock price has been volatile, that stake is worth roughly $100 million at current prices. Insiders were prohibited from selling shares in Truth Social owner Trump Media by lock-up restrictions which were just recently lifted.
United Atlantic Ventures, managed by Trump Media & Technology Group co-founder Andy Litinsky, now owns just 100 shares in the company, according to regulatory filings released on Thursday. That is down from just over 7.5 million shares that the firm owned as of late March. Litinsky and Trump Media have been mired in a legal battle over the shares.
To be honest Litinsky was not the first person I thought was going to sell. I thought Trump would sell some or all of his dominant stake in the company, but declared earlier this month he will not be selling. Trump owns 114.75 million shares in Trump Media, according to the most recent filings. That stake was worth $6.2 billion, but is worth about $1.6 billion. I think DJT stock will be going bankrupt as have most of Trump's companies. I think the catalyst for bankrupt will take place if he looses the election.
I'd expect a lot more selling as the price contuines to crater. I warned users to stay clear when this stock was announced and still hold firm that this stock is trash. This is not investing advice just my observation based on the fundamentals.
Posted Using InLeo Alpha
Hahahaha
I know this is going to be a rug pull and I hope the regulators get him for this pump and dump.