Trump Media investor gives up 7.5 million shares while Donald Trump keeps his

Former U.S. President Donald Trump visits Sprankles Neighborhood Market in Kittanning, Pennsylvania. Image: Winning McNamee (Getty Images)

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United Atlantic Ventures LLC (UAV) divested more than 7.5 million shares of Trump Medias, according to a 13G regulatory filing filed Thursday with the Securities and Exchange Commission (SEC).

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The filing reveals that UAV now owns less than 5% of the company's common stock. This follows the merger at the end of March, in which UAV held 7,525,000 shares, representing 5.5% of the company's shares. As of the filing date, drone holdings have declined significantly to just 100 shares. Andrew Litinsky, the managing member of UAV, is considered to share beneficial ownership of those shares, according to the filing.

In February 2021, Litinsky and Wes Moss, former co-founders of Trump Media, proposed the idea for the company to former President Donald Trump while appearing on his show The Apprentice. The duo suggested the concept after he was banned from Twitter (now known as X) and Facebook (META), following the January 6 attack on the Capitol.

Since then, Litinsky and Moss have been embroiled in legal battles over allegations that Trump Media diluted the value of their shares in the multi-billion dollar company.

The sale comes shortly after Trump said earlier this month that he has absolutely no plans to sell his stake in the company's stock, which stands at about 56 percent.

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