US President-elect Donald Trump has transferred all his stake in Trump Media & Technology worth over $4 billion to a revocable trust of which he is the sole beneficiary.
According to the Securities and Exchange Commission filing, Trump transferred 114.75 million shares, or 53% of Trump Media & Technology’s outstanding stock, worth around $4 billion on paper, in the parent company of social networking site Truth Social as a “bona fide gift” to Donald J. Trump Revocable Trust, AP reported.
Trump’s eldest son, Donald Trump Jr., is the sole trustee of the trust and has sole voting and investment power over securities held by it. It is not clear why Trump transferred the stock.
In November, Trump said that he had no intention of selling his shares in the company, which owns the Truth Social media platform. The former US President created Trump Media after he was banned from Twitter and Facebook following the January 6, 2021, Capitol riot.
Trump Media shares were down about 2% at $34.71 apiece. At one point Friday, the stock fell around 6%. Trump Media has a market capitalization of around $7.7 billion.
(With inputs from Agencies)
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