All articles tagged with #patrick orlando
ARC Global Investments has significantly reduced its stake in Trump Media & Technology Group, now holding just 0.01% compared to over 5% previously. This follows a series of legal and financial challenges, including a lawsuit against former CEO Patrick Orlando for securities fraud and a Delaware court ruling against Trump Media. Despite these issues, Trump Media's stock saw a slight increase, although it dipped in after-hours trading.
Patrick Orlando, former CEO of the SPAC that took Trump Media public, has sold nearly all his shares, reducing his stake from 5.4% to less than 0.01%, according to SEC filings. This follows a legal ruling granting him additional shares just before the lockup period ended. The sale raises concerns about investor confidence, although Trump Media's stock has surged since the lockup expiration. Other early investors, Andrew Litinsky and Wes Moss, also sold significant shares after legal disputes with the company.
ARC Global Investments II, a major shareholder in Trump Media, has sold nearly all its shares, reducing its stake to just 0.01% of the company. This follows a Delaware court ruling that Trump Media breached an agreement with ARC, requiring the company to grant additional shares to ARC. The sale comes amid a volatile period for Trump Media's stock, which saw a significant rally in October. The move by ARC and its manager, Patrick Orlando, follows a similar sell-off by United Atlantic Ventures.