Connect with us

CBS News

Trump Media & Technology Group investor sold more than 7 million shares of DJT

Avatar

Published

on


One of the biggest investors in Trump Media & Technology Group has sold more than 7.5 million shares in former President Donald Trump’s Truth Social service, according to a new regulatory filing

The investor, United Atlantic Ventures, owned 7.525 million shares in Trump Media as of March, or about 4% of the company’s outstanding shares, according to financial data firm FactSet. Trump is the company’s largest shareholder, holding about 60% of the stock, which trades under the ticker “DJT,” the same as Trump’s initials.

“As of the date of this filing, United Atlantic Ventures LLC owns 100 shares,” the filing states.

United Atlantic Ventures is the creation of two former contestants on “The Apprentice,” the reality show that starred Trump starting in 2004. Those ex-contestants, Andrew Litinsky and Wes Moss, had worked on the debut of the Truth Social network, but the relationship between the pair and the business soon soured, spinning into multiple lawsuits. 

In March, a day before the DJT stock went public, Trump Media sued Litinsky and Moss, alleging they mismanaged the business and should be stripped of their shares. As part of their initial deal with Trump, the co-founders had received 8.6 million shares of Trump Media. 

Meanwhile, Litinsky and Moss had filed an earlier complaint in February to prevent the former president from taking steps they claimed would sharply reduce their stake in Trump Media.

It’s unclear when United Atlantic Ventures sold the shares, but the filing comes after the expiration of a lock-up period that prevented insiders including Trump from selling their stakes. Such lock-up provisions are common in initial stock sales to prevent big shareholders from dumping their shares on the market, which would undercut the stock’s price.

Trump Media & Technology Group didn’t immediately respond to a request for comment.

If United Atlantic Ventures sold its shares on September 20, the first day after the expiration of the lock-up period, the sale proceeds would have amounted to $102 million. However, DJT shares slid over the following several days, hitting a low of $11.75 on September 24. At that price, the value would have dropped to $89 million. 

Since hitting a low on September 24, DJT shares have rebounded slightly, ending trading Thursday at $14.13. But the stock has lost much of its value since its debut, plunging 82% since its peak of $79.38 on March 26. 



Read the original article

Leave your vote

CBS News

CBS News rides along with Texas sergeant at U.S.-Mexico border

Avatar

Published

on


CBS News rides along with Texas sergeant at U.S.-Mexico border – CBS News


Watch CBS News



President-elect Donald Trump says he will remove millions of immigrants living unlawfully in the U.S. through his mass deportation plan once he takes office in January. CBS News immigration and politics reporter Camilo Montoya-Galvez rode along Wednesday in El Paso with a sergeant for the Texas Department of Public Safety to discuss border policy.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Canada’s Trudeau faces calls to resign amid Trump tariff threat

Avatar

Published

on


Canada’s Trudeau faces calls to resign amid Trump tariff threat – CBS News


Watch CBS News



President-elect Donald Trump’s proposed tariffs on Canada haven’t even gone into effect and they’ve already plunged Prime Minister Justin Trudeau’s government into turmoil. On Monday, Trudeau’s finance minister and deputy prime minister resigned, sharing a sharply critical assessment of her old boss in a public letter. Mercedes Stephenson, Ottawa bureau chief for Canada’s Global News, joins “America Decides” to discuss Trudeau’s future.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Supreme Court to decide on TikTok’s future in the U.S.

Avatar

Published

on


Supreme Court to decide on TikTok’s future in the U.S. – CBS News


Watch CBS News



The Supreme Court plans to hear arguments in January on a challenge to a new law that could lead to the popular social media app TikTok being banned in the U.S. The Biden administration and lawmakers say the Chinese government’s ability to collect data from TikTok poses a significant national security risk, while the app and its Chinese parent company ByteDance argue that the law is unconstitutional. CBS News Supreme Court producer Catherine Cole has more.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.