A Florida firm owned by former contestants on “The Apprentice” has recently made headlines for its decision to significantly reduce its stake in Trump Media & Technology Group, the company behind former president Donald Trump's Truth Social platform.
United Atlantic Ventures LLC, based in Fort Lauderdale, previously held a 5.5% stake in TMTG, amounting to approximately 7.53 million shares of common stock. However, a recent regulatory filing revealed that the firm has drastically reduced its ownership to just 100 shares.
The firm, owned by Andrew Litinsky and Wesley Moss, who both appeared on Trump’s TV show, “The Apprentice,” played a key role in facilitating a merger that led to Trump Media going public in March.
Legal disputes have arisen between Trump Media and UAV, with attorneys for the former arguing that mismanagement by Litinsky and Moss disqualifies the firm from holding shares in the company. Despite these challenges, a federal judge in Delaware recently ruled in favor of UAV in a lawsuit against Odyssey Transfer and Trust, a securities transfer agent. The court's decision granted UAV the assurance it sought to sell its minority stake in TMTG.
Trump Media & Technology Group experienced a significant fluctuation in its share price since going public, with shares reaching a high of $79.38 on the first day of trading. As of the latest update, the share price closed at $13.98 per share on Thursday.
