Truth Social co-founders sell $100 million of their company shares

An investment company founded by two co-founders of Truth Social has sold more than 7.5 million shares of Donald Trump's social media company. This is the first insider transaction since the company's lockup agreement expired last week.

United Atlantic Ventures — which was founded by former “Apprentice” contestants and Trump Media co-founders Andy Litinsky and Wes Moss — sold 7,525,000 shares of the social media company, according to a Securities and Exchange Commission filing.

Based on the company's current share price, the 5.5 percent stake in the company was worth more than $100 million.

Litinsky and Moss were key players in the founding of Trump Media, the parent company of Truth Social, but have been embroiled in litigation with the company over the past year. Both men argued the company tried to strip them of their shares, while Trump Media accused them of mismanagement that delayed the March merger that took the company public.

In September, a Delaware judge ruled in favor of United Atlantic Ventures, paving the way for the sale of its shares.

In the SEC filing, Litinsky was listed as a managing member of United Atlantic Ventures. A lawyer for the company did not immediately respond to a request for comment from ABC News.

Truth Social shares were around $14 in the week after the company's lock-up period expired, preventing Trump and other early investors from selling their shares in the six months after the company's IPO.

Investors have had little reaction to the news that 7.5 million shares were sold. Trump himself, who has vowed not to sell his stocks, has so far stuck to that promise.