ARC Global Investments offloads majority stake in Trump Media
What's the story
ARC Global Investments, a key shareholder in Trump Media & Technology Group, has sold almost its entire stake, reducing its holdings from over 5% to just 0.01%.
Background
Orlando's history with Trump Media
Orlando, the manager of ARC Global Investments, was the former CEO of Digital World Acquisition. The company was key in taking Trump Media public. However, Orlando was ousted before the deal was completed this year. In September, a Delaware judge ruled that Trump Media had breached an agreement with ARC Global, and ordered it to give ARC over half a million additional shares before an insider sales lock-up period ended.
Ownership
Trump's significant stake in his media company
Former US President Donald Trump owns nearly 115 million shares and holds an almost 53% stake in Trump Media. The media company owns the Truth Social media platform. This massive ownership highlights Trump's immense influence and control over his media venture.