A major shareholder has unloaded nearly its entire stake in President-elect Donald Trump’s social media company.
ARC Global Investments II said in a regulatory filing that it held just 30,147 shares of Trump Media & Technology Group Corp., amounting to about 0.01 percent of the company’s common stock, CNBC reported Friday.
In September, Miami-based ARC Global owned about 5.4 percent of Trump Media, which owns Trump’s Truth Social app, according to CNBC.
ARC Global manager Patrick Orlando is the former CEO of blank check company Digital World Acquisition Corp., which took Trump Media public in March, but he was ousted before the deal closed, according to Reuters.
In September, a Delaware judge ruled that Trump Media had breached a deal with ARC Global and had to hand over more than 500,000 shares before a lockup on insider sales expired.
Thursday night’s ARC Global filing came after Trump Media’s chief financial officer and two other corporate insiders sold more than $16 million worth of company stock in the week following Trump’s election victory over Vice President Kamala Harris.
Trump’s win led the share price to soar after weeks of volatility that prompted the Nasdaq to repeatedly halt trading of the stock.
Trump owns nearly 115 million shares and has repeatedly said he has no intention of selling his 53 percent stake.
Trump Media stock closed at $28.10 a share on Friday, up 4.1 percent.
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