A company co-founded by Andrew Litinsky and Wesley Moss, two previous “Apprentice” contestants, has sold the majority of its shares in former President Donald Trump’s social media company, according to a Securities and Exchange Commission filing Thursday.
Investment firm United Atlantic Ventures LLC sold all but 100 shares of its stake in Trump Media & Technology Group, the parent company of Truth Social, after a provision preventing insiders from selling was lifted last week.
The company owned about 7.5 million shares of Trump Media as of March, according to CNN.
Trump Media and UAV have so far not commented on the news of Thursday’s filing.
Litinsky and Moss, who appeared on the second season of “The Apprentice,” the show credited with making Trump a household name, co-founded Trump Media with the former president in 2021.
The two have since had a falling out with Trump, culminating in a series of lawsuits in the past year over their stake in the company.
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Litinsky and Moss sued in February, accusing the former president of trying to dilute their shares in the company ahead of Trump Media’s merger with publicly traded shell company Digital World Acquisition Corp.
Trump later brought legal actions against the pair, alleging they should lose their stock over mismanagement of the company.
Trump, who owns about 60% of the company’s shares, has said he has no plan to sell his stake.
While the amount UAV got from the sale of its Trump Media stock remains unknown, The New York Times estimates their stake was worth about $100 million based on the current price of the share.
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