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Truth Social Cofounders Sell $100 Million Stake in Company

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Truth Social,Donald Trump,Investment

Two cofounders of Truth Social, Andy Litinsky and Wes Moss, have sold more than 7.5 million shares in the social media company through their investment firm, United Atlantic Ventures.

An investment company created by two of Truth Social's cofounders has unloaded more than 7.5 million shares in Donald Trump's social media company, marking the first insider transaction since the company'sUnited Atlantic Ventures -- which was created by former "Apprentice" contestants and Trump Media cofounders Andy Litinsky and Wes Moss -- sold 7,525,000 shares of the social media company, according to a Securities and Exchange Commission filing.

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.

 

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