In a surprising shift, a key investor in Donald Trump’s media venture, Trump Media & Technology Group (TMTG), has drastically reduced their holdings. Andrew Litinsky, through his firm United Atlantic Ventures (UAV), sold off most of his 7.5 million shares, retaining only 100 shares now valued at approximately $1,400, as detailed in a recent ownership report. Just a few months ago, those shares were worth over $100 million, accounting for 5.5% of TMTG’s stock.
TMTG’s share prices have been on a downward trajectory recently, hitting a record low just last Friday.
Trump himself holds a staggering 114.75 million shares in TMTG, which, while valued at around $6.2 billion in mid-May, has now dropped to an estimated worth of $1.6 billion as of Thursday’s closing price of $13.98.
Meet Andrew Litinsky
Litinsky is the founder of UAV, based in Fort Lauderdale, Florida, along with business partner Wesley Moss from Georgia. The duo played pivotal roles in merging TMTG with a public company back in March and were instrumental in creating Truth Social after Trump’s Twitter ban following the January 6 Capitol riots, as reported by the BBC.
Litinsky, a Harvard alum, made headlines as the youngest contestant on NBC’s The Apprentice in 2004 at just 23. While he didn’t win, he later secured a position in the Trump Organization as a project manager for a new initiative, even taking exams at Trump Tower during filming.
What Went Wrong?
Tensions escalated in April when Trump filed a lawsuit against Litinsky and Moss, accusing them of making detrimental decisions that harmed TMTG. The suit sought to reclaim shares worth approximately $444 million that were about to be awarded to Litinsky and Moss.
Interestingly, Litinsky and Moss have also pursued legal action against Trump, claiming he intended to dilute their shares post-merger.