CNN
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A major Trump Media shareholder and former contestant on “The Apprentice” has divested almost all of his stake in former President Donald Trump’s social media company. Although the share price has fluctuated, this stake is worth about $100 million at current prices.

United Atlantic Ventures, which is led by Trump Media & Technology Group co-founder Andy Litinsky, currently owns just 100 shares of the company, according to regulatory filings released Thursday. That’s down from just over 7.5 million shares the company owned at the end of March.

An attorney for United Atlantic Ventures did not immediately respond to a request for comment.

The stock sale isn’t shocking considering Litinsky and Trump Media are embroiled in a legal battle over the shares.

Litinsky was a contestant on Trump’s NBC show “The Apprentice,” which helped burnish Trump’s persona as a successful businessman.

Insiders were banned from selling shares in Truth Social owner Trump Media due to lockdown restrictions that appear to have been lifted.

The big question was whether Trump himself would sell some or all of his dominant stake in the company, but the former president said earlier this month that he would not sell.

According to recent filings, Trump owns 114.75 million shares of Trump Media. This share was still worth $6.2 billion in mid-May. However, Trump Media’s stock price has plummeted in recent months, falling to record lows earlier this week.

Based on Thursday’s closing price of $13.98, Trump’s stake is worth about $1.6 billion. The stock fell about 1% in after-hours trading following news of the share sale.