Truth Social cofounders sell $100 million of their shares in the company
An investment company created by two of Truth Social's cofounders has unloaded more than 7.5 million shares in Donald Trump's social media company, marking the first insider transaction since the company's lockup agreement expired last week.
United Atlantic Ventures -- which was created by former "Apprentice" contestants and Trump Media cofounders Andy Litinsky and Wes Moss -- sold 7,525,000 shares of the social media company, according to a Securities and Exchange Commission filing.
Based on the company's current stock price, the 5.5% stake in the company was worth more than $100 million.
Litinsky and Moss were key players in the creation of Trump Media, the parent company of Truth Social, but they have been embroiled in legal battles with the company over the last year. Both men argued that the company tried to deprive them of their shares, while Trump Media accused them of mismanagement that delayed the merger in March that took the company public.
In September, a Delaware judge ruled in favor of United Atlantic Ventures, clearing the way for it to eventually sell its shares.
The SEC filing listed Litinsky as the managing member of United Atlantic Ventures. A lawyer for the company did not immediately respond to a request for comment from ABC News.
Shares in Truth Social have hovered around $14 in the week following the expiration of the company's lockup provision, which prevented Trump and other early investors from selling any of their shares for the six months following the company's public offering.
Investors have so far shown little reaction to the news of the 7.5 million shares being sold. Trump himself -- who has vowed not to sell his shares -- has so far stuck to that promise.
