Major Trump Media Shareholder Offloads Nearly Entire Stake

15 Nov 2024 by Ty Roush · Forbes

Topline

ARC Global Investments and its founder Patrick Orlando have offloaded nearly their entire stake in Trump Media & Technology Group and are no longer major shareholders in the Truth Social parent, according to a recent regulatory filing, marking the latest stakeholder in the company to dump their shares.

The financial firm reduced its stake in the Truth Social parent’s stock from more than 5% to just ... [+] 0.01%, regulatory filings show.AFP via Getty Images

Key Facts

ARC Global and Orlando hold 30,147 shares of Trump Media as of Nov. 14 after previously holding just over 11 million shares in September, decreasing their stake from 5.4% to 0.01%, according to a Securities and Exchange Commission filing late Thursday.

It’s not immediately clear when the shares—valued at $308 million as of Friday’s share price—were offloaded, though Orlando and ARC Global indicated in the filing that unspecified actions requiring them to report a change in their stake took place on Sept. 30.

Shares of Trump Media have increased by over 3% to nearly $28 as of around 3 p.m. EST on Friday, valuing ARC Global and Orlando’s remaining stake at around $850,000.

Surprising Fact

Other major stakeholders have unloaded or sold shares in Trump Media in recent months. United Atlantic Venture offloaded nearly 11 million shares—equaling a 5.4% stake—in September and now owns just 100 shares in Trump Media. Phillip Juhan, Trump Media’s CFO, adopted a plan earlier this month to sell shares he owns worth about $13.4 million by December 2025, according to an SEC filing. Juhan sold nearly 12 million shares on Nov. 12. Eric Swider, the company’s director, and Glabe Scott, its general counsel, sold 3.8 million and over 500,000 shares on Nov. 8, respectively, filings show. CEO Devin Nunes unloaded more than 630,000 shares on Aug. 22.

Key Background

Orlando is the former chief executive of Digital World Acquisition Corp., which merged with Trump Media to take the company public in March. He was ousted from the role just before the deal closed, though his investment firm ARC Global had also sponsored the merger. ARC Global and Orlando sued Trump Media earlier this year, alleging they deserved a larger stake in the freshly public company after holding Class B shares in the company they believed would be converted to Class A shares, which trade at a higher rate. A Delaware court ruled in favor of Orlando and ARC Global in September, awarding them more than 500,000 additional shares.

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