Major Shareholder Sells Stake in Social Media Company #

A significant shareholder and former reality TV contestant has sold almost their entire stake in a social media company associated with a former U.S. president. The stake is estimated to be worth approximately $100 million at current market prices, despite recent volatility in the stock.

According to recent regulatory filings, the investment firm that previously held over 7.5 million shares now owns just 100 shares in the company. This dramatic reduction in ownership comes amidst an ongoing legal dispute between the shareholder and the company over the shares.

The shareholder in question had previously appeared on a popular reality TV show hosted by the former president, which helped establish the latter’s public image as a business leader.

The sale coincides with the apparent lifting of lock-up restrictions that had previously prevented insiders from selling their shares in the company, which owns a social media platform.

There had been speculation about whether the former president, who holds a majority stake in the company, would sell any of his shares. However, he recently announced his intention to retain his entire stake.

The former president’s stake in the company was worth $6.2 billion in mid-May, but the share price has since declined significantly, reaching record lows earlier this week. Based on recent closing prices, his stake is now valued at approximately $1.6 billion.

The stock price experienced a slight dip in after-hours trading following the news of the major shareholder’s sale.