According to a regulatory filing, United Atlantic Ventures, owned by Andrew Litinsky and Wesley Moss, has dumped nearly all of its 5.5 percent stake, worth $100 million, in Trump Media & Technology Group Corp. (DJT).
Litinsky and Moss were former contestants on Trump's TV show "The Apprentice", who also facilitated the merger of Trump Media in March.
The move comes after a lockup agreement ended on September 19, which stopped large investors including Donald Trump from selling any shares.
Attorneys of Trump Media argued that the Florida-based investment firm was not entitled to shares in the company due to mismanagement by Litinsky and Moss.
However, a Delaware federal judge ruled in favor of United Atlantic Ventures in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. The ruling assured that the duo could sell their stake in Trump Media.
In the past few months, the company's stock movement has been volatile. The former President's stock worth $6.2 billion in May dropped to $1.6 billion based on Thursday's closing price, CNN reports.
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