In a significant development, Andrew Litinsky and Wesley Moss, co-founders of Trump Media & Technology Group (TMTG), have sold almost all of their stock in the company, reportedly worth around $100 million. This comes shortly after a lockup agreement preventing major stakeholders from selling their shares expired on September 19, 2024.
Litinsky and Moss, former contestants on The Apprentice, originally played a key role in founding the Truth Social platform alongside Donald Trump. Their investment firm, United Atlantic Ventures (UAV), once held a 5.5% stake in the company, but internal disputes led to a falling-out. After suing TMTG and dealing with legal issues surrounding their stock, they eventually offloaded their shares as the lockup period ended.
While such a large sale could typically signal trouble for a company, market insiders were already aware of the ongoing tension between the co-founders and Trump’s media venture. The sale itself was not unexpected and might help alleviate some of the uncertainty surrounding the company’s stock performance.
TMTG’s stock has faced volatility, exacerbated by broader market conditions and speculation about whether Trump himself would sell part of his 57% stake. Trump, however, has repeatedly denied any plans to offload his shares, despite legal and financial pressures.
This high-profile sale has put a spotlight on the future of TMTG, leaving investors to speculate about its direction without two of its key original backers.
