ARC Global Investments and its founder, Patrick Orlando, have significantly reduced their stake in Trump Media & Technology Group, the parent company of Truth Social.
A recent regulatory filing reveals that they have offloaded nearly all of their shares, marking another major shift in the company’s ownership structure.
This move follows a series of similar actions by other key stakeholders. In September, United Atlantic Venture sold almost 11 million shares, reducing its stake to just 100 shares.
Additionally, Trump Media’s CFO, Phillip Juhan, implemented a plan to sell approximately $13.4 million worth of shares by December 2025, with nearly 12 million shares sold on November 12.
Other significant company figures have also been unloading shares. Eric Swider, a director at Trump Media, sold 3.8 million shares on November 8, and Glabe Scott, the company’s general counsel, disposed of over 500,000 shares on the same day. CEO Devin Nunes also sold more than 630,000 shares in August.
Patrick Orlando, who previously served as CEO of Digital World Acquisition Corp., the company that merged with Trump Media to take it public, had a complicated relationship with the company.
He was ousted just before the deal closed but had previously sued Trump Media, claiming entitlement to a larger stake in the company after a court ruling awarded him more than 500,000 additional shares in September.
Trump, who still holds a 57% stake in Trump Media, has seen his fortune rise to $5.3 billion, with his shares increasing in value by approximately $137 million based on recent share prices.