Patrick Orlando significantly reduced his stake in Trump Media from 5.4% to less than 0.01%, raising concerns about investor confidence in the company.
Orlando's sale comes shortly after a court ruling that granted him additional shares, possibly influencing his decision to sell following the expiration of the lockup period.
Despite Orlando's mass sale of shares, Trump Media's stock rallied 4%, soaring 91% since the lockup period ended, driven by Trump's election-related trade.
The sell-off by early investors can indicate underlying issues in confidence for Trump Media, which could potentially trigger a broader sell-off among shareholders.
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