United Atlantic Ventures (UAV), a significant shareholder in Trump Media, has sold nearly 11 million shares in the company, according to a regulatory filing Thursday, weeks after a federal judge cleared the way for the transaction according to a detailed report by CNBC.

Trump Media investor United Atlantic Ventures dumps nearly 11 million shares

Securities and Exchange Commission charged Trump Media & Technology Group’s independent accounting firm, BF Borgers with widespread fraud on Friday (May 3). While the SEC accused the Lakewood, Colorado-based auditor of operating a “sham audit mill,” it did not make allegations of wrongdoing against Truth Social owner Trump Media.

SEC accuses Trump Media’s auditor of running 'sham audit mill'; stock price drops

Shares of Donald Trump's social media company slumped 18 per cent on Monday, extending losses since the stock's debut last month, after the company said it could sell millions of shares in coming months, including the former president's entire stake.

Trump Media shares tank after filing shows more stock may be sold