A Florida company founded by former participants on the reality TV show “The Apprentice” has recently sold off the majority of its stake in Trump Media & Technology Group, the company behind Donald Trump’s Truth Social platform. United Atlantic Ventures LLC, based in Fort Lauderdale, had previously held about 5.5% ownership in TMTG, equivalent to around 7.53 million shares of common stock. However, a recent regulatory filing revealed that the firm now only retains 100 shares in the company.

The owners of United Atlantic Ventures LLC are Andrew Litinsky and Wesley Moss, both of whom had appeared on “The Apprentice” and played a role in facilitating the merger that led to Trump Media going public in March. Legal disputes have arisen between Trump Media and UAV, with Trump Media’s lawyers alleging that Litinsky and Moss mismanaged the company, questioning their entitlement to shares in the firm.

A recent development in this ongoing saga saw a federal judge in Delaware ruling in favor of United Atlantic Ventures LLC in a lawsuit filed against Odyssey Transfer and Trust, a securities transfer agent. This favorable court decision came in response to UAV’s request for confirmation from the judge regarding its ability to divest its minority ownership in TMTG. The legal battle sheds light on the complexities and conflicts surrounding ownership and management within Trump Media.

Following its public debut, Trump Media & Technology Group experienced a surge in stock price, reaching a high of $79.38 per share on the first day of trading. However, the share price has since declined, with it closing at $13.98 per share on Thursday. The fluctuating stock performance of TMTG reflects the volatility and uncertainties in the market, as well as the influence of various internal and external factors impacting the company’s valuation.