The major shareholder of Trump Media has sold almost all of its shares in the media company

According to a regulatory filing from Trump Media Technology Group, major shareholder ARC Global Investments has sold almost all of its shares in the media company. ARC and its manager Patrick Orlando currently hold approximately 0.01% of the shares, down from over 5% or more than 11 million shares in September. Orlando previously served as the CEO of Digital World Acquisition, a blank check company that helped Trump Media go public. He was dismissed before the completion of the transaction this year. In September, a Delaware judge ruled that Trump Media violated an agreement with Orlando ARC Global that the fund must acquire over 500000 additional shares before the insider sales lock up period expires. Trump owns nearly 115 million shares of stock and holds nearly 53% of the shares of Trump Media, a truth social media platform.