Trump Media Group's major shareholder has sold nearly all of his shares in the company
a regulatory document from the Trump Media and Technology Group shows that major shareholder ARC Global Investments has sold almost all of its shares in the media company. ARC and its manager, Patrick Orlando, currently hold about 0.01% of the shares, down from over 5% or more than 11 million shares in September. Orlando was formerly CEO of blank-check company Digital World Acquisition, which helped take Trump Media public. He was fired before the deal was completed this year. In September, a judge in Delaware ruled that Trump Media had violated an agreement with Orlando's ARC Global, which must receive over 500,000 additional shares before the end of the insider sales lock-up period. Trump owns nearly 115 million shares of stock and nearly 53% of Trump Media, which owns the Truth social media platform.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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