President-elect Donald Trump Transfers Trump Media Shares to Revocable Trust
President-elect Donald Trump has transferred his entire stake of shares in Trump Media to a revocable trust, regulatory filings revealed Thursday evening. The transfer, which took place on Tuesday, saw Trump gift his 114,750,000 shares of Trump Media stock to the Donald J. Trump Revocable Trust, of which he is the sole beneficiary.
According to the filing with the Securities and Exchange Commission (SEC), Trump did not receive any money for the gift of his shares. The trust, which is managed by Trump’s son, Donald Trump Jr., now “indirectly” owns the Trump Media shares transferred.
The value of the transferred stock is more than $4 billion, based on the company’s closing price of $35.41 per share on Thursday. Trump’s stake represented nearly 53% of the company’s outstanding shares.
The transfer is not new for Trump, who has made similar transfers to the same revocable trust in the past. Prior to his first inauguration as president in 2017, Trump transferred various real estate holdings, assets, and liabilities to the trust. He also made transfers to the trust in February 2016, while campaigning for president.
Trump has not held an executive position in Trump Media, whose shares began public trading earlier this year after the company merged with a public company, Digital World Acquisition Corp. However, Trump has nominated two Trump Media board members to high-level positions in his administration.