President-elect Donald Trump transferred his entire stake in Trump Media to a revocable trust, retaining indirect ownership despite no longer holding direct shares.
President-elect Donald Trump this week transferred his entire stake of shares in Trump Media to a revocable trust of which he is the sole beneficiary, regulatory filings revealed. Trump did not receive any money for the gift of the 114,750,000 shares to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the Securities and Exchange Commission. Trump Media, which trades under the DJT ticker, closed at $35.
41 per share, making the value of the transferred stock more than $4 billion.Because Trump is the beneficiary of the trust, he now 'indirectly' owns the Trump Media shares he transferred, the SEC filing noted. The president-elect's son, Donald Trump Jr., is the sole trustee of the trust, and has sole voting and investment power over securities held by the entity, according to a separate SEC filing Thursday. Trump Media, which trades under the DJT ticker, closed at $35.41 per share Thursday, making the value of the transferred stock more than $4 billion. Trump, who is set to be sworn in as president for a second non-consecutive term on Jan. 20, had been the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represented nearly 53% of the company's outstanding shares. CNBC has requested comment on the transfer from spokespeople for Trump and for Trump Media. The SEC filing on Thursday said that after Trump transferred his shares, he 'directly owned 0 shares of Trump Media & Technology Group Corp. and indirectly owned 114,750,000 shares of Trump Media & Technology Group Corp.' The type of transfer Trump used this week is not new for the president-elect, although the dollar value of his shares outpaces the value of any assets he previously moved. Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trus
TRUMP MEDIA TRUST STOCK TRANSFER DONALD TRUMP BUSINESS
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