Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Aytac Unal/ | Anadolu | Getty Images
President-elect Donald Trump this week he transferred all his participation of actions in Trump Media to a revocable trust of which he is the sole beneficiary, regulatory archives revealed Thursday evening.
Trump did not receive cash for the gift of his 114,750,000 shares of Trump Media stock to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the Securities and Exchange Commission.
Because Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media stock he transferred, the SEC said.
The president-elect’s son, Donald Trump Jr., is the sole trustee of the trust, and has sole voting and investment power over all securities held by the entity, according to a separate SEC filing Thursday.
Trump Media, which trades under the ticker DJT, closed Thursday at $35.41 per share, making the value of shares transferred more than $4 billion.
Trump, who will be sworn in as president for a second non-consecutive term on January 20, had been the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represents nearly 53% of the company’s outstanding shares.
President-elect Donald Trump arrives to ring the opening bell at the New York Stock Exchange, Thursday, Dec. 12, 2024, in New York.
Alex Brandon | AP
CNBC requested comment on the move from spokespeople for Trump and 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 114,750,000 shares of Trump Media & Technology Group Corp.”
“The reporting person [Trump] is the settlor and sole beneficiary of the Trust,” the filing said.
The type of transfer that Trump used this week is not new for the president-elect, even though the dollar value of his shares exceeds the value of any assets he has previously transferred.
Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.
At that time, Trump transferred various estates, assets and real estate liabilities to the trust, according to reports produced by Mazarswhich was then his accounting firm.
He also made transfers to the trust in February 2016, when he was campaigning for president.
Trump has not held an executive position at Trump Media, whose shares began trading publicly earlier this year after the then-private company merged with a public company, Digital World Acquisition Corp.
Trump has appointed two members of the Trump Media board to high-level positions in his administration.
Trump tapped former pro-wrestling mogul Linda McMahon to become education secretary and Kash Patel, a former Trump White House official, to become the next FBI director.
Trump recently named Trump Media CEO Devin Nunes to chair the President’s Intelligence Advisory Council.
This position does not require Senate confirmation.
Trump said Nunes, who previously represented a California district in the House of Representatives, will remain CEO of Trump Media.
– CNBC Christina Wilkie contributed to this report.
This is breaking news. Please refresh for updates.
