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Who is Andrew Litinsky? Ex-'Apprentice' contestant dumped millions of Trump Media shares after years of being ‘fired’
Andrew Litinsky, one of the major investors in Trump Media & Technology Group, has sold most of his shares in the company.
Amid an ongoing dispute with former President Donald Trump, one of the major investors in Trump Media & Technology Group has sold most of his shares in the company.
According to a regulatory disclosure released by Trump Media and Technology Group (TMTG), investor Andrew Litinsky's United Atlantic Ventures (UAV) now owns 100 shares valued at about $1,400. This is a decrease from the 7.5 million shares his firm had as of late March, which represented 5.5 percent of the company's common stock and were valued at more than $100 million on Thursday.
“As of the date of this filing, United Atlantic Ventures LLC owns 100 shares,” the document read.
The price of TMTG shares has been falling recently, and it reached its lowest point ever on last Friday.
According to CNN, Trump personally owns 114.75 million shares in Trump Media, which were apparently valued at $6.2 billion in mid-May.
Trump's investment, based on Thursday's closing price of $13.98, is now valued at around $1.6 billion due to the stock's decline.
All you need to know about Andrew Litinsky
Along with Wesley Moss, a citizen of Georgia, Litinsky is the proprietor of UAV, a Florida-based company. They both contributed to setting up the merger that assisted TMTG to go public in March.
After Trump was blocked from social media platform, Twitter, in the wake of the Capitol riots on January 6, Litinsky and Moss came up with the concept for Truth Social and agreed to offer him a majority stake, according to BBC.
Litinsky, the Florida native and a Harvard graduate, was also the youngest contestant at the age of 23 on NBC's The Apprentice in 2004. Trump co-produced and hosted the reality TV show.
As per Reuters 2015 report, Litinsky managed to secure a position as a project manager in the Trump Organization, despite being fired during the televised battle for a job with Trump.
Trump's media organisation owned 5.5% of the listed firm when it went public, trading under the former president's initials as its ticker symbol.
However, the relationship between the two parties deteriorated shortly after as Litinsky and Moss felt they were being taken advantage of. They both went on to sue the company. In response, TMTG stated that they had mishandled the launch of Truth Social.
In the middle of August, UAV's holdings were eroded by additional share offerings, resulting in their interest falling to less than 3.8% of the outstanding stock, as per the filing.
Here's what action did Trump take
Trump sued Litinsky and Moss this year in April, claiming that during the development of TMTG, they made a number of “reckless and wasteful decisions” that caused significant damage.
The statement added that the duo “failed spectacularly at every turn.”
According to CNN, the lawsuit demanded that Litinsky and Moss give back their ownership of Trump's media company, considering that they were going to earn 8.6 million shares through their company UAV, a total amount of shares that was approximately $444 million at the time.
