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Trump Media & Technology Group investor sold more than 7 million shares of DJT
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.
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Opioid overdose deaths drop for 12th straight month, now lowest since 2020
Opioid overdose deaths have now slowed to the lowest levels nationwide since 2020, according to new estimates from the Centers for Disease Control and Prevention. This marks the 12th straight month of decline since a peak last year.
Around 70,655 deaths linked to opioids like heroin and fentanyl were reported for the year ending June 2024, the CDC now estimates, falling 18% from the same time in 2023.
Almost all states, except for a handful in the West from Alaska through Nevada, are now seeing a significant decrease in overdose death rates. Early data from Canada also suggests overdose deaths there might now be slowing off of a peak in 2023 too.
“While these data are cause for optimism, we must not lose sight of the fact that nearly 100,000 people are still estimated to be dying annually from drug overdose in the U.S.” said Dr. Nora Volkow, director of the National Institute on Drug Abuse, in a statement.
Other types of drug overdoses beyond opioids are also slowing. While they make up a smaller share of overall deaths, overdoses linked to drugs like methamphetamine and cocaine are also showing signs of dropping nationwide following a peak last year.
“We are encouraged by this data, but boy, it is time to double down on the things that we know are working. It is not a time to pull back, and I feel very strongly, and our data shows, that the threat continues to evolve,” Dr. Allison Arwady, head of the CDC’s National Center for Injury Prevention and Control, told CBS News.
Arwady pointed to a long list of factors that officials hope are contributing to the decline, ranging from broader availability of the overdose reversing spray naloxone, also known as Narcan, to efforts to ease gaps in access to medications that can treat opioid use disorder.
Trends in what health officials call “primary prevention” have also improved in recent years — meaning fewer people using the drugs to begin with. As an example, Arwady cited CDC surveys showing a clear decline in high school students reporting that they have tried illegal drugs.
The CDC and health departments have also gotten faster at gathering and analyzing data to respond to surges in overdoses, Arwady said, often caused by new so-called “adulterants” that are mixed in. Health authorities study this by testing blood and drug samples taken in the wake of surges, in search of potential emerging drug threats.
Agency researchers are now looking closer at what could be behind gaps in communities that are still not seeing slowdowns, Arwady said.
“Unfortunately, for the most affected groups, namely Native Americans and Black American men, the death rates are not decreasing and are at the highest recorded levels,” said Volkow.
Why are drug overdose deaths declining?
In the months since CDC data first began showing real signs of a nationwide change to the deadly record wave of opioid overdose deaths, experts have floated a number of theories to explain what caused the change.
“We had been seeing the numbers go down, on the national aggregate level, since last April, and we were skeptical and kind of holding our tongues. Then we started hearing from a lot of folks on the ground, frontline providers,'” said Nabarun Dasgupta, a senior scientist at the University of North Carolina Chapel Hill who studies opioid overdose deaths.
Dasgupta led an analysis in September by the university’s Opioid Data Lab illustrating the nationwide scope of the downturn and probing a number of theories that might explain it.
Some explanations they dismissed as unlikely, like stepped-up law enforcement operations. Other ideas they judged as plausible, but complicated to prove, like a so-called “depletion of susceptibles” — essentially the epidemic burning itself out, as users either found ways to survive the influx of fentanyl or died — or the wider availability of naloxone.
Dasgupta said they received a flood of interest since their initial post proposing more theories, like new scanners that were deployed on the U.S.-Mexico border.
There are likely a number of factors all playing a role in the shift, Dasgupta says. But he said early data from research they are wrapping up now supports one leading explanation: a shift in the illegal drug supply.
“Our hypothesis is that something has changed in the drug supply. This kind of pronounced shift, something that happens suddenly, if numbers had suddenly shot up, we would definitely be pointing to a change in the drug supply to explain it,” said Dasgupta.
Amid its downsides, xylazine‘s rise might have led to less injection drug use, they speculate. Its longer high could also be reducing the number of times people use fentanyl each day.
“We’re not in our offices celebrating. We’re still losing too many people that we love. So I just want it to be very clear that with like a hundred thousand people still dying, that’s obscenely high,” he said.