Andy Litinsky, a co-founder of Trump Media & Technology Group (TMTG) and former contestant on The Apprentice, has sold nearly all of his stake in the company, according to regulatory filings released Thursday.
Litinsky, who was once one of the largest shareholders in TMTG, reduced his holdings from over 7.5 million shares to just 100, worth approximately $100 million at current stock prices.
This sale comes after the expiration of lock-up restrictions that had previously prevented insiders from selling shares. Despite the stock’s recent volatility, the timing of Litinsky’s decision appears to coincide with the lifting of these restrictions, which allowed him to cash out a significant portion of his investment.
Litinsky’s sale is not entirely unexpected, as he has been involved in a legal dispute with Trump Media over shares and business management. While the details of the case are ongoing, the sale marks a notable shift in his involvement with the company he helped create.
Meanwhile, former President Donald Trump, who holds a dominant 57% stake in Trump Media, has made it clear that he has no intention of selling his shares. Trump’s stake, currently valued at around $1.6 billion, was worth $6.2 billion just a few months ago. Despite the stock’s ups and downs, Trump reaffirmed his commitment to the company earlier this month.
Since its Wall Street debut, Trump Media, the parent company of the Truth Social platform, has experienced significant swings in its stock price. Initially buoyed by retail traders and speculation about Trump’s political future, the stock peaked at $79.38 in March. However, it has since declined by 82%, hitting record lows earlier this week before recovering slightly to close at $14.13 on Thursday.
The market fluctuations come amid broader uncertainty surrounding the company’s long-term financial health. Trump Media has reportedly been burning through cash, with revenues reportedly modest. Despite these challenges, the company still holds a market value of $2.8 billion.
Litinsky’s share sale raises questions about the confidence of other key investors in Trump Media. As Trump remains committed to his shares, attention now turns to other shareholders who may decide to follow Litinsky’s lead. However, with the stock stabilizing after recent lows, it remains to be seen how the company’s future will unfold as it navigates both legal and financial challenges.
Trump Media & Technology Group has yet to comment on the sale.
CNN, New York Post, and CBS News contributed to this report.
