(Reuters) – Trump Media (DJT) & Technology Group’s major shareholder, ARC Global Investments, has sold off nearly all of its shares in the media company, it said in a regulatory filing on Thursday.
ARC and its manager Patrick Orlando now have a stake of about 0.01%, compared to more than 5% or more than 11 million shares in September.
Orlando was the former CEO of the blank-check company Digital World Acquisition that Trump Media took public. He was ousted before the deal closed this year.
A Delaware judge had ruled in September that Trump Media had violated an agreement with Orlando’s ARC Global and that the fund must receive more than half a million additional shares before the lockup on insider sales expires.
US President-elect Donald Trump owns nearly 115 million shares and has a nearly 53% stake in Trump Media, owner of the Truth Social media platform.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur)
