Major Trump Media shareholder sells nearly entire stake

(Reuters) – Trump Media & Technology Group’s 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 (NASDAQ:DJT) 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.