The financial firm ARC Global Investments II and manager Patrick Orlando no longer own more than 5% of Trump Media stock, an SEC filing showed. ARC, which once held more than 11 million shares, and Orlando now hold just 0.

ARC Global Investments drastically reduced its stake in Trump Media & Technology Group to just 0.01%, down from over 5%, amid legal disputes and SEC allegations against its former CEO, Patrick Orlando.

Shares in Trump Media did not sustain their sudden rise after Donald Trump was declared winner of the 2024 presidential election.

Trump Media & Technology Group's key shareholder, ARC Global Investments, has unloaded nearly all its stake in the media company, it said in a regulatory filing on Thursday. ARC and its manager Patrick Orlando now hold about 0.

The financial firm reduced its stake in the Truth Social parent’s stock from more than 5% to just 0.01%, regulatory filings show.