Trump investor Media & Technology Group has sold more than 7 million of its shares in DJT

One of the largest investors in Trump Media and Technology Group has sold more than 7.5 million shares of former President Donald Trump's Social Truth service, according to new regulatory restrictions. Deposit.

The investor, United Atlantic Ventures, owned 7.525 million shares of Trump Media as of March, or about 4% of the company's outstanding shares, according to financial data firm FactSet. Trump is the company's largest shareholder, owning about 60% of the shares, which trade under the symbol “DJT,” the same initials as Trump's name.

“As of the date of this filing, United Atlantic Ventures LLC owns 100 shares,” the filing states.

United Atlantic Ventures is created by former contestants on The Apprentice, the reality show starring Trump starting in 2004. These former contestants, Andrew Letinsky and Wes Moss, had worked on Truth Social's network debut, but the relationship quickly soured. Between the spouses and the business, it turned into multiple lawsuits.

In March, the day before DJT went public, Trump Media Letinsky and Moss suedAlleging that they mismanaged the business and should be stripped of their shares. As part of their initial deal with Trump, the co-founders received 8.6 million shares of Trump Media.

Meanwhile, Letinsky and Moss filed a previous complaint last February to prevent the former president from taking steps they claimed would significantly reduce their stake in Trump Media.

It's not clear when United Atlantic Ventures sold the shares, but the filing is yet to come The ban period ends That prevented insiders including Trump from selling their stakes. These lock-up provisions are common in primary stock sales to prevent large shareholders from dumping their shares in the market, which would otherwise undermine the stock price.

Trump Media and Technology Group did not immediately respond to a request for comment.

If United Atlantic Ventures had sold its shares on September 20, the first day after the end of the ban period, the proceeds from the sale would have reached $102 million. However, DJT shares fell over the next several days, hitting a low of $11.75 on September 24. At that price, the value would have fallen to $89 million.

Since bottoming out on Sept. 24, DJT shares have rebounded slightly, ending trading Thursday at $14.13. But the stock has lost a lot of value since its debut, falling 82% since its peak of $79.38 on March 26.