President-elect Donald Trump has transferred his roughly 115 million shares in Trump Media & Technology Group, the parent company of Truth Social, into a trust controlled by his oldest son, Donald Trump Jr., according to a Securities and Exchange Commission filing.
The filing, made Thursday night, said that Trump did not sell his shares or receive any money from the transfer, which was instead described as a gift to the Donald J. Trump Revocable Trust, reports The New York Times on Friday.
Trump has a 53% stake in Trump Media, making him the largest shareholder. His share is worth about $4 billion.
Trump Media (DJT) shares fell about 6% on Friday on the news of Trump moving the shares into a trust.
The company has been losing money, taking in only a few million dollars in revenue, but based on Trump Media's market valuation, Trump's ownership has been one of his most valuable assets.
The filing said that Trump's son, who is on the Trump Media board of directors, will serve as the trust's sole trustee and maintain "sole voting and investment power over all securities owned."
After the transfer, the filing said, the president-elect owns the shares in the company "indirectly" and is the beneficiary of the trust.
The trust was established in 2014, before Trump's first term in office, and the transfer of shares took place on Dec. 17, according to the SEC files.
In 2017, Trump transferred some of his assets and business holdings into the trust shortly before taking office.
Trump said during his recent presidential campaign that he had no plans for selling his shares in Trump Media, but with his son making decisions for the company, shares could be sold and he could still keep his promise.
Trump is neither an officer nor a director for Trump Media. He served as its chair before it went public in March when it completed a merger with a special purpose acquisition company.
Some executives and directors at Trump Media have been tapped for Trump's incoming administration.
Kash Patel, who Trump has picked to head the FBI, is a board member for Trump Media, as is Linda McMahon, the president-elect's choice to head the Department of Education.
Trump has also chosen Trump Media CEO Devin Nunes, to head the President's Intelligence Advisory Board. He said Nunes will remain in his role with the company.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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