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

A major shareholder has unloaded nearly its entire stake in President-elect Donald Trump's social media company. ARC Global Investments II said in a regulatory filing that it held just 30,147 shares of Trump Media & Technology Group Corp., amounting to about 0.01 percent of the company's common stock, CNBC reported Friday.

Trump Media Technology Group, the parent company of Truth Social, is facing fresh controversy as ARC Global Investments, a major shareholder, has sold nearly its entire stake in the company. The move,

Orlando, the former CEO of the company that took Trump Media public in a SPAC merger, and ARC, the sponsor of that merger, now hold just 30,147 DJT shares — about 0.01% of the company's common stock, according to the SEC filing.

(Reuters) - 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 0.01% stake, down from more than 5% or over 11 million shares in September.