Trump Media stock rises after co-founders dump DJT shares [Video]

Shares of Trump Media closed up 5.58% on Friday, finishing the week at $14.76 per share, after major shareholder United Atlantic Ventures, LLC, sold nearly 11 million shares in the company on Thursday.

UAV, an investment partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss, dumped virtually its entire stake in the company, retaining just 100 shares. Trump Media operates the social media app Truth Social, and its largest shareholder is former president Donald Trump.

Litinsky and Moss co-founded the social media company with Trump in 2021. The two have since fallen out with Trump and engaged in legal disputes with Trump Media over their shares.

UAV’s decision to sell its 5.4% stake comes after the expiration of a lockup agreement on Sept. 19, which had barred Trump and other early investors from selling their shares.

Thursday’s Securities and Exchange Commission filing did not disclose how much UAV made from offloading its shares. But …