Shares of Trump Media and Technology Group fell in midday trading on Friday after President-elect Donald Trump transferred all of his shares into a revocable trust, according to a regulatory filing.
Trump transferred all of his roughly 115 million shares — worth about $4 billion on paper — in the social media parent company. Truth Social networking site As a “good faith gift” to Donald J. Trump’s Revocable Trust, the Securities and Exchange Commission said Thursday. Trump’s shares amount to more than half of the company’s shares.
It’s not clear why Trump moved the stock. Donald Trump Jr. is the sole trustee and has sole voting and investing authority over all securities owned by the Fund.
Trump Media shares were down about 2% at midday, to $34.68 per share. At one point on Friday, they were down about 6%.
Trump Media shares have been extremely volatile since the company began trading in March. It reached intraday highs near $80 on its first day of trading, then fell to all-time lows in September when Trump and other insiders were finally allowed to sell shares after record lockup agreements expired. Trump did not sell any shares in the company.
The company’s stock prices have fluctuated wildly due to news — good and bad — related to Trump. It fell after Trump’s conviction in a secret trial in May, then rose after Trump’s first assassination attempt in July. It rose again after he won re-election in November, even as the company reported a loss of $19.2 million in the third quarter.
Trump created Trump Media after he was banned from Twitter and Facebook following the Capitol riots on January 6, 2021.
Comments are closed, but trackbacks and pingbacks are open.