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.
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.
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.
Persons:
Donald Trump's, Patrick Orlando, ARC's, Steven Fineman, Kamala Harris
Organizations:
U.S . Securities, Exchange Commission, ARC Global Investments, Trump Media, ARC, SEC, Orlando, United Atlantic Ventures, Trump, Republican
Locations:
Orlando, Delaware