Major Trump Media shareholder ARC Global unloads nearly all DJT stock

One of the top shareholders of President-elect Donald Trump 's media company has unloaded nearly his entire stake, a regulatory filing showed.

The Thursday night disclosure to the U.S. Securities and Exchange Commission showed that financial firm ARC Global Investments II and its manager, Patrick Orlando, no longer own more than 5% of Trump Media stock.

Orlando, the former CEO of the company that took Trump Media public in a SPAC merger, and ARC, the sponsor of that merger, now hold just 30,147 DJT shares — about 0.01% of the company's common stock, according to the SEC filing.

Trump Media reported in early September that ARC owned over 11 million shares, equating to 5.4% of the company's outstanding stock.

In mid-September, a Delaware judge found that Trump Media breached an agreement with ARC and must grant it additional shares . The judge ordered that the parties work to make sure that ARC is able to sell or transfer its shares in time for the expiration of a lock-up agreement on Sept. 19.

As of Friday morning, ARC's diminished stake was worth about $850,000. ARC attorney Steven Fineman declined to comment on the sale.

Orlando and ARC indicated in the filing that the actions that required them to report the change took place Sept. 30. The timing of any specific stock sale was unclear.

The move by ARC and Orlando was revealed more than a month after another major stakeholder, United Atlantic Ventures, sold virtually its entire DJT stake .

Trump Media, which operates the Truth Social app, suffered a major selloff in late summer and by the end of September was trading near its post-merger lows. But it saw a major stock rally in October that recovered most of those losses.