President-elect\u00a0Donald Trump\u00a0this week transferred his entire stake of\u00a0shares\u00a0in\u00a0Trump Media\u00a0to a revocable trust of which he is the sole beneficiary, regulatory\u00a0filings\u00a0revealed Thursday evening.<\/p>\n
Trump did not receive any money for the gift of his 114,750,000 shares of Trump Media\u00a0stock\u00a0to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the\u00a0Securities and Exchange Commission.<\/p>\n
Because Trump is the beneficiary of the trust, he now \u201cindirectly\u201d owns the Trump Media shares he transferred, the SEC filing noted.<\/p>\n
The president-elect\u2019s 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.<\/p>\n
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.<\/p>\n
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\u2019s outstanding shares.<\/p>\n
CNBC has requested comment on the transfer from spokespeople for Trump and for Trump Media.<\/p>\n
The SEC filing on Thursday said that after the Trump transferred his shares, he \u201cdirectly owned 0 shares of Trump Media & Technology Group Corp. and indirectly owned 114,750,000 shares of Trump Media & Technology Group Corp.\u201d<\/p>\n
\u201cThe reporting person [Trump] is the settlor and sole beneficiary of the Trust,\u201d the filing said.<\/p>\n
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.<\/p>\n
Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.<\/p>\n
At that time, Trump transferred various real estate holdings, assets and liabilities to the trust, according to reports produced by\u00a0Mazars, which then was his accounting firm.<\/p>\n
He also made transfers to the trust in February 2016, when he was campaigning for president.<\/p>\n
Trump has not held an executive position in Trump Media, whose shares began public trading earlier this year after the then-privately held company merged with a public company, Digital World Acquisition Corp.<\/p>\n
Trump has nominated two Trump Media\u2019s board members to high-level positions in his administration.<\/p>\n
Trump tapped former pro-wrestling mogul Linda McMahon as his pick for education secretary, and Kash Patel, a former Trump White House official, to become the next FBI director.<\/p>\n
Trump also recently named Trump Media CEO Devin Nunes to chair the President\u2019s Intelligence Advisory Board.<\/p>\n
That position does not require Senate confirmation.<\/p>\n
Trump has said that Nunes, who previously represented a California district in the House of Representatives, will remain CEO of Trump Media.<\/p>\n<\/p>\n
President-elect\u00a0Donald Trump\u00a0this week transferred his entire stake of\u00a0shares\u00a0in\u00a0Trump Media\u00a0to a revocable trust of which he…<\/p>\n","protected":false},"author":0,"featured_media":6215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/6214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/comments?post=6214"}],"version-history":[{"count":0,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/6214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media\/6215"}],"wp:attachment":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media?parent=6214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/categories?post=6214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/tags?post=6214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}