The main shareholder of Trump Media Group has sold almost all of his shares in the company

According to CNBC, a regulatory document from Trump Media Technology Group shows that major shareholder ARC Global Investments has sold almost all of its shares in the media company. ARC and its manager Patrick Orlando currently hold about 0.01% of the shares, down from over 5% or more than 11 million shares in September. Orlando served as CEO of blank check company Digital World Acquisition, which helped Trump Media go public. He was dismissed before the deal was completed this year. In September, a judge in Delaware ruled that Trump Media violated an agreement with Orlando's ARC Global, requiring the fund to obtain more than half a million additional shares before the insider selling ban expires. Trump owns nearly 115 million shares and holds nearly 53% of Trump Media's Truth Social media platform.