The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker “DJT”, in New York City, U.S., March 26, 2024. REUTERS
Trump Media & Technology Group’s (DJT.O), key shareholder, ARC Global Investments, has unloaded nearly all its stake in the media company, it said in a regulatory filing on Thursday.
ARC and its manager Patrick Orlando now hold about 0.01% stake, down from more than 5% or over 11 million shares in September.
Orlando was the former CEO of the blank-check company Digital World Acquisition that took Trump Media public. He was ousted before the deal closed this year.
A Delaware judge had ruled in September that Trump Media breached an agreement with Orlando’s ARC Global and the fund must receive more than half a million additional shares before a lock-up on insider sales expires.
U.S. President-elect Donald Trump owns nearly 115 million shares and has a nearly 53% stake in Trump Media, which owns the Truth Social media platform.
Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur
