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Shares of Trump Media were trading more than 7% higher as of 1 p.m. ET on Friday after major shareholder United Atlantic Ventures, LLC, sold nearly 11 million of their shares in the company Thursday.
UAV, an investment partnership of former “Apprentice” contestants Andrew Litinsky and Wes Moss, dumped virtually its entire stake in the company Thursday. It was left with just 100 shares in Trump Media, which also owns former president Donald Trump‘s social media app Truth Social.
UAV’s decision to sell its 5.4% stake comes after the expiration of a lock-up agreement on Sept 19., which barred majority shareholder Trump and other early investors from selling their shares. UAV is the only known company insider to sell off shares since then.
Thursday’s SEC filing did not disclose how much UAV made from offloading its shares. But based on the price range that DJT has sold for since the lockup expired, UAV may have received between $128 million and $170 million for its stock.
Following six straight trading days in the red since the expiration of the lockup restrictions, including hitting a new 52-week low on Monday, Trump Media shares snapped a losing streak Tuesday, ending the trading day up more than 5% at $12.79 per share.
Trump, who owns nearly 57% of the outstanding shares, said he has “absolutely no intention to sell.”
In previous regulatory filings, Trump Media has stated that the success of its sole product, Truth Social, depends on Trump’s popularity and continued use of the platform.
Despite, the recent uptick, as of 1 p.m. ET Friday the stock was down around 77% overall since Trump Media made its market debut on the Nasdaq in late March after a merger with a special purpose acquisition company.