PANews reported on November 16 that according to Jinshi, a regulatory filing of Trump Media Technology Group showed that major 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, down from more than 5% or more than 11 million shares in September. Orlando served as CEO of blank check company Digital World Acquisition, which helped Trump Media go public. He was removed before the transaction was completed this year. In September, a Delaware judge ruled that Trump Media violated an agreement with Orlando ARC Global and that the fund must acquire more than 500,000 additional shares before the insider sales lockup period expires. Trump owns nearly 115 million shares and owns nearly 53% of Trump Media, a truth-telling social media platform.