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.

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.

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

ARC Global Investments, a major investor in Trump Media & Technology Group (NASDAQ:DJT), has drastically reduced its stake in the company. What Happened: According to a regulatory filing on Friday, ARC Global and its manager,

ARC's current stake is just 30,147 shares of Trump Media after owning more than 11 million shares in September.

Orlando was the former CEO of the blank-check company Digital World Acquisition that took Trump Media public. A Delaware judge had ruled in September that Trump Media breached an agreement with Orlando's ARC Global and the fund must receive more than half a million additional shares before a lock-up on insider sales expires.