A significant shift has taken place in the ownership structure of Trump Media and Technology Group (TMTG), the company behind former President Donald Trump’s social media platform, Truth Social. According to a recent regulatory filing, an investment entity controlled by Andrew Litinsky and Wesley Moss, two of the platform’s original co-founders, has divested itself of nearly 7.53 million shares, valued at around $100 million based on the current stock price.
Litinsky and Moss, who initially met Trump as contestants on his reality TV show “The Apprentice” 20 years ago, played a crucial role in convincing the former president to launch his own social media platform. However, their relationship with Trump soured shortly after TMTG went public in March, with the two parties engaging in a bitter lawsuit.
As a result of the legal battle, Litinsky and Moss’s stake in TMTG had dwindled to less than 3.8% of the outstanding shares by mid-August. The recent sale marks a significant departure from their initial 5.5% stake in the company.
While the exact timing of the sale remains unclear, it is likely that the transaction occurred between $12 and $15 per share, given the lockup period that barred any sale prior to September 19. The market had been aware of the ongoing feud between Litinsky and Moss and TMTG, which may have contributed to the lack of surprise at the news.
The sale has removed some uncertainty surrounding the company, as Litinsky and Moss’s shares have now been fully absorbed by the market. However, concerns about TMTG’s future remain, particularly with regards to the potential sale of stock by Trump himself, who owns nearly 115 million shares representing 57% of the company. Despite Trump’s assurances that he has no intention of selling, investors remain wary, especially given his mounting legal costs.
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