United Atlantic Ventures LLC (UAV), a Florida-based firm, has significantly diminished its stake in Trump Media & Technology Group (TMTG), which operates Donald Trump’s Truth Social platform. Previously holding around 7.53 million shares, UAV now retains just 100 shares, according to a recent regulatory filing. This substantial reduction indicates a notable shift in UAV’s engagement with TMTG and raises concerns about the company’s overall market performance.
UAV is owned by Andrew Litinsky and Wesley Moss, both former contestants on the reality television show “The Apprentice.” Their ties to Trump are further strengthened by their involvement in facilitating a merger that brought TMTG public earlier this year in March. However, their relationship with TMTG has soured, as attorneys for Trump Media assert that UAV is not entitled to its shares due to allegations of mismanagement by Litinsky and Moss.
In a recent legal development, a federal judge in Delaware ruled in favor of UAV in a lawsuit against Odyssey Transfer and Trust, a securities transfer agent. This ruling addressed UAV’s request for assurance regarding its ability to sell its minority stake in TMTG, which had been a point of contention. The court’s decision represents a significant victory for UAV, affirming its legal standing amidst ongoing disputes related to its share ownership.
The share price of TMTG has experienced considerable volatility, starting at a high of $79.38 on its debut trading day but dropping to $13.98 per share by Thursday’s close. This dramatic decline highlights the challenges TMTG faces and raises questions about the company’s future in the competitive digital media sector.
