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Major Trump Media Shareholder Sells Nearly Entire Stake Amidst Legal Battles
Patrick Orlando and ARC Global Investments have sold nearly all their shares in Trump Media, significantly reducing their stake in the company.
In a significant development for Trump Media & Technology Group, a major shareholder, ARC Global Investments, along with its founder Patrick Orlando, has sold nearly all of their shares in the company. This move, revealed through recent SEC filings, marks a dramatic reduction in their stake from over 11 million shares to just 30,147 shares, representing a drop from 5.4% to a mere 0.01% of the company's stock.
Patrick Orlando, who was instrumental in taking Trump Media public through a special purpose acquisition company, has been involved in legal disputes with the company over share entitlements. A Delaware court recently ruled in favor of Orlando, granting him additional shares just before the lockup period for early investors expired. This allowed him to sell his shares, a move that has now been confirmed by the SEC filings.
The sale comes amidst a broader trend of early investors cashing out their stakes in Trump Media. Notably, United Atlantic Ventures also sold nearly all of its shares in September. Despite these sales, the company's stock has seen a significant rally, particularly following Donald Trump's election victory, which has been dubbed the "Trump trade."
President-elect Donald Trump remains the largest shareholder of Trump Media, holding approximately 54% of the company. He has publicly stated that he has no intention of selling his shares, which are valued at around $3.2 billion. The recent sales by major stakeholders, however, have raised concerns among some investors about the potential for a sell-off, which could impact the company's stock value.
This development highlights the volatile nature of Trump Media's stock and the complex dynamics at play as the company navigates its post-public offering landscape.
Articles published about this story
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