Nearly all DJT stock is sold by ARC Global, a major Trump Media shareholder.

• According to an SEC filing, the financial firm ARC Global Investments II and manager Patrick Orlando no longer hold more than 5% of Trump Media stock.
• According to the filing, the percentage of DJT common stock held by ARC and Orlando has decreased significantly.
• Trump Media, which is valued at more than $3 billion, has no plans to sell its shares, according to President-elect Donald Trump.

Nearly all of the stake held by one of the top shareholders of President-elect Donald Trump's media company has been sold, according to a regulatory filing.

On Thursday, the U.S. Securities and Exchange Commission disclosed that financial firm ARC Global Investments II and its manager, Patrick Orlando, no longer hold more than 5% of the stock.

According to the SEC filing, the former CEO of the company that took Trump Media public in a SPAC merger and the sponsor of that merger now hold just 0.01% of the company's common stock, which is approximately 30,147 DJT shares.

In early September, it was reported by Trump Media that ARC owned more than 11 million shares, which amounted to 5.4% of the company's outstanding stock.

In September, a Delaware judge ruled that Trump Media violated an agreement with ARC and must grant it more shares. The judge mandated that the parties collaborate to ensure ARC can sell or transfer its shares before the lock-up agreement expires on September 19.

On Friday morning, ARC's reduced share was valued at approximately $850,000. ARC attorney Steven Fineman refused to provide any comment on the sale.

According to the filing, the actions that necessitated Orlando and ARC to report the change occurred on Sept. 30. However, the specific timing of any stock sale was not specified.

More than a month after United Atlantic Ventures sold its entire DJT stake, the move by ARC and Orlando was revealed.

In late summer, Trump Media, the operator of the Truth Social app, experienced a significant selloff, resulting in trading near its post-merger lows. However, the company experienced a major stock rally in October, which largely recovered the losses incurred during the summer selloff.

The surge in demand for Trump Media's stock occurred prior to the presidential election between Trump and Vice President Harris. According to analysts, many of the company's retail investors are supporters of the Republican leader and are purchasing its stock as a way to express their political beliefs and predict his future success.

Trump has announced his Cabinet picks and other administration jobs on Truth Social and Elon Musk's X, which has a larger audience than Truth Social.

On Thursday, a spokesperson for Trump Media declined to comment on the SEC filing.

In Florida and Delaware, investors are reportedly suing Orlando and ARC, alleging that they were wrongfully denied shares.