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shares Trump Media The company's stock price was up more than 7% as of 1 p.m. ET on Friday after major shareholder United Atlantic Ventures, LLC sold nearly 11 million shares of the company on Thursday.
UAV, the investment partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss, sold off nearly its entire stake in the company on Thursday. It was left with just 100 shares of Trump Media, which also owns former President Trump's social media app Truth Social.
UAV's decision to sell its 5.4% stake follows the expiration of a lock-up agreement on September 19 that prohibited major shareholder Trump and other early investors from selling their shares. UAV is the only company where company insiders are known to have sold shares since then.
Thursday's filing with the U.S. Securities and Exchange Commission did not disclose how much money UAV made from selling its stock. But depending on the range in which DJT has sold since the lockup expired, UAV's stock revenue could be between $128 million and $170 million.
Trump Media shares have posted losses for six consecutive trading days since the lock-up restrictions expired, including hitting a 52-week low on Monday. On Tuesday, Trump Media shares ended the losing streak and closed up more than 5% at $12.79 per share. .
Trump, who owns nearly 57% of outstanding shares, said he has “absolutely no intention to sell.”
In previous regulatory filings, Trump Media has said the success of its sole product, Truth Social, depends on Trump's popularity and continued use of the platform.
Despite the recent gains, as of 1 p.m. ET on Friday, the stock was down about 77% overall since Trump Media went public on Nasdaq after merging with a special purpose acquisition company in late March.