Trump Media’s Key Shareholder Sells Nearly Entire Stake
Varahi media.com online news, November 16th, 2024: In a recent regulatory filing, Trump Media & Technology Group’s major shareholder, ARC Global Investments,
Varahi media.com online news, November 16th, 2024: In a recent regulatory filing, Trump Media & Technology Group’s major shareholder, ARC Global Investments, revealed that it has sold almost its entire stake in the company. ARC Global, along with its manager Patrick Orlando, now holds a mere 0.01% stake, a significant drop from over 5% or more than 11 million shares in September.
Patrick Orlando, who was the former CEO of the special purpose acquisition company (SPAC) Digital World Acquisition that took Trump Media public, was ousted before the deal closed earlier this year.
In a related legal development, a Delaware judge ruled in September that Trump Media had breached an agreement with ARC Global. As a result, the fund is entitled to over half a million additional shares before the lock-up period for insider sales expires.
U.S. President-elect Donald Trump, the largest shareholder of Trump Media, still holds nearly 115 million shares, which accounts for almost 53% of the company. Trump Media owns the Truth Social platform.
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