Several men are heard laughing and saying the shark looks "almost dead" as the animal flies through the air, bouncing violently off the water.
The video gained traction online after sports fisherman and shark hunter Mark Quartiano, or "Mark the Shark", posted the video on his Instagram account when the footage was sent to him.
Quartiano told CNN he was "horrified" by the incident and that he posted the clip in the hope the men in the video would be identified.
"I've been shark fishing for 50 years and I've never seen a disrespect for an animal my entire career that was that evil," he said.
Tens of thousands of people watched the video in just a few hours and voiced outrage at the apparent animal cruelty.
“Only sick in the head people can get enjoyment out of watching an animal be tortured and killed. How shameful and embarrassing for grown adults to be doing this and what a poor example to society!" said one user.
Several people called for the arrest of the men in the video.
“This is terrible! Whoever did this needs to go to jail!” said another user.
Quartiano's wish came to pass with the Florida Fish and Wildlife Conservation Commission confirming it had identified the men responsible for the video shortly after it was posted.
However their identities will remain unreleased while the investigation gets underway.
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