On November 16, Gelonghui reported that a regulatory document from the Trump Media Technology Group showed that the main shareholder, ARC Global Investments, has sold almost all of its shares in the media company. ARC and its manager, Patrick Orlando, currently hold about 0.01% of the shares, less than 5% or over 11 million shares in September. Orlando was formerly the CEO of the SPAC Digital World Acquisition, which helped Trump Media go public. He was dismissed before the deal was completed this year. In September, a Delaware judge ruled that Trump Media violated the agreement with Orlando ARC Global, and the fund must obtain over 0.5 million additional shares before the end of the insider sales lock-up period. Trump owns nearly 0.115 billion shares of stock and holds almost 53% of Trump Media, the truth social media platform.