United Atlantic Ventures LLC (“UAV”), a key investor in Trump Media & Technology Group (NASDAQ: DJT), significantly reduced its stake by selling nearly 11 million shares, leaving it with a mere 100 shares. This move came after a federal judge’s approval and the end of a lock-up period that initially restricted insiders from selling their shares. UAV, co-founded by Andrew Litinsky and Wes Moss, who played a pivotal role in conceptualizing a social media venture with Donald Trump, found itself embroiled in legal battles with Trump Media concerning their shareholdings. Despite these disputes and the fluctuating fortunes of Trump Media’s stock, Donald Trump, holding a majority stake of over 56%, affirmed his decision not to sell his shares as of Sept. 13.
The backdrop to UAV’s share sale is Trump Media’s stock performance on the Nasdaq, which saw a slight decline of about 1%, closing at $13.98. However, the shares UAV offloaded fetched prices between $15.50 and $11.75, netting the company a substantial sum estimated between $128 million and $170 million. This transaction occurred amidst a challenging period for Trump Media, whose market valuation plummeted from a high of over $10 billion at its Nasdaq debut to below $2.8 billion, reflecting the stock’s status as a meme stock characterized by its highly volatile price movements.
Following the sale, DJT’s stock witnessed a notable uptick, climbing to $15.11, an 8.08% increase, buoyed by a $1.13 rise. The trading day saw the stock’s price oscillating between $13.81 and $15.36. Over the year, DJT’s price has varied significantly, touching a low of $11.75 and peaking at $79.38, indicating the stock’s volatile nature. Currently, Trump Media’s market capitalization is valued at approximately $3.02 billion, with a trading volume nearing 9.77 million shares, as it continues to navigate the fluctuations of the Nasdaq exchange.
This sequence of events underscores the volatile nature of Trump Media’s stock and the broader implications for its investors and market perception. The sale by UAV, amidst legal disputes and fluctuating stock prices, alongside Donald Trump’s steadfastness in retaining his majority stake, paints a complex picture of the company’s financial and operational challenges. As Trump Media’s stock experiences significant swings, the market’s response to these developments will be closely watched by investors and analysts alike.
To view the company’s most recent earnings release, visit https://ibn.fm/rpQXh
About Trump Media & Technology Group Corp.
The mission of Trump Media & Technology Group Corp. is to end Big Tech’s assault on free speech by opening up the internet and giving people their voices back. Trump Media & Technology Group operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations. For more information, visit the company’s website at www.TMTGCorp.com.
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