Top line
ARC Global Investments and its founder Patrick Orlando have divested almost their entire stake in Trump Media & Technology Group and are no longer major shareholders in parent company Truth Social, according to a recent regulatory filing, marking the company’s last shareholder to abandon his actions. .
The financial company reduced its stake in shares of parent company Truth Social from more than 5% to just … (+)
Key facts
ARC Global and Orlando owned 30,147 shares of Trump Media as of November 14, after previously holding slightly more. 11 million shares in September, decreasing their stake from 5.4% to 0.01%, according to to a filing by the Securities and Exchange Commission Thursday evening.
It was not immediately clear when the shares — valued at $308 million as of Friday — were divested, although Orlando and ARC Global said in the filing that unspecified actions required them to report a change in their ownership took place on September 30.
Trump Media shares rose more than 3% to nearly $28 Friday around 3 p.m. ET, valuing ARC Global and Orlando’s remaining stake at about $850,000.
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Surprising fact
Other major players have divested or sold shares of Trump Media in recent months. United Atlantic Venture almost unloaded 11 million shares—a 5.4% stake—in September and now owns only 100 shares in Trump Media. Phillip Juhan, Trump Media’s chief financial officer, earlier this month adopted a plan to sell shares he owns worth about $13.4 million by December 2025, according to a filing with the SEC. Juhan sold nearly 12 million shares on November 12. Eric Swider, the company’s director, and Glabe Scott, its general counsel, sold 3.8 million and more than 500,000 shares, respectively, on Nov. 8, according to filings. CEO Devin Nunes sold more than 630,000 shares on August 22.
Key context
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 office just before the deal closed, although his investment firm ARC Global also sponsored the merger. ARC Global and Orlando sued Trump Media earlier this year, alleging they deserved a larger stake in the newly public company after holding Class B shares in the company that they said 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.
Forbes Rating
President-elect Donald Trump, who owns approximately 57% of Trump Media, has a fortune valued at $5.3 billion, according to our latest estimates. The value of its stake, totaling 114.75 million shares, increased by about $137 million during Friday’s stock price.