(Reuters) – US President-elect Donald Trump has transferred the stake he owns in Trump Media and Technology Company to a revocable trust.
Trump transferred 114.75 million shares, or 53% of the outstanding shares of Trump Media & Technology, to the revocable trust of which he is the sole beneficiary, according to securities filings.
His stake in the company was valued at more than $4 billion based on the stock’s last closing price of $35.41.
Trump said in November that he had no intention of selling his shares in the company that owns the Truth social media platform.
Trump’s eldest son, Donald Trump Jr., is the sole trustee of the fund and has sole voting and investment authority over the securities he holds, according to securities filings.
Trump Media’s market capitalization is about $7.7 billion as retail traders bet on the stock as a proxy for Trump winning the 2024 US presidential election.
The company’s shares fell 4% to $33.86 on Friday.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shaunak Dasgupta)
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