The sale follows the expiration of the company's lockup provision last week.In this photo illustration the icon of the app TruthSocial is pictured on a smartphone display on Aug. 22, 2024 in Berlin.An investment company created by two of Truth Social's cofounders has unloaded more than 7.
Litinsky and Moss were key players in the creation of Trump Media, the parent company of Truth Social, but they have beenwith the company over the last year. Both men argued that the company tried to deprive them of their shares, while Trump Media accused them of mismanagement that delayed the merger in March that took the company public.
In September, a Delaware judge ruled in favor of United Atlantic Ventures, clearing the way for it to eventually sell its shares. In this photo illustration the icon of the app TruthSocial is pictured on a smartphone display on Aug. 22, 2024 in Berlin.The SEC filing listed Litinsky as the managing member of United Atlantic Ventures. A lawyer for the company did not immediately respond to a request for comment from ABC News.
Shares in Truth Social have hovered around $14 in the week following the expiration of the company's lockup provision, which prevented Trump and other early investors from selling any of their shares for the six months following the company'sInvestors have so far shown little reaction to the news of the 7.5 million shares being sold. Trump himself -- who has vowed not to sell his shares -- has so far stuck to that promise.