(Reuters) – Trump Media & Technology Group’s major shareholder, ARC Global Investments, said in a regulatory filing on Thursday that it has divested nearly all of its stake in the media company.

ARC and its manager, Patrick Orlando, now own about 0.01% of the stake, down from more than 5%, or more than 11 million shares, in September.

Orlando was the former CEO of Digital World Acquisition, the blank check company that took Trump Media public. He was dismissed this year before the deal was completed.

A judge in Delaware ruled in September that Trump Media had violated an agreement with ARC Global in Orlando and that the fund must buy more than half a million additional shares before the restriction on insider sales expires.

US President-elect Donald Trump owns approximately 115 million shares and owns approximately 53% of Trump Media, owner of the Truth Social media platform.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur)