According to regulatory records made public Thursday night, President-elect Donald Trump converted all of his shares in Trump Media to a revocable trust this week, of which he is the only beneficiary.
According to a filing with the Securities and Exchange Commission, Trump did not receive any payment for the Tuesday donation of his 114,750,000 shares of Trump Media stock to the Donald J. Trump Revocable Trust.
According to the SEC filing, Trump now indirectly owns the Trump Media shares he transferred because he is the trust’s beneficiary.
The value of the transferred shares exceeded $4 billion when Trump Media, which is traded under the DJT ticker, finished Thursday at $35.41 per share.
Trump was the biggest individual shareholder in the social media firm that runs the Truth Social app. He is scheduled to take the oath of office as president on January 20 for a second non-consecutive term. Nearly 57% of the company’s shares were represented by his investment.
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According to the SEC’s report on Thursday, following the transfer of his shares, Trump indirectly controlled 114,750,000 shares of Trump Media & Technology Group Corp. and directly owned zero shares.
According to the filing, the reporting individual [Trump] is the Trust’s settlor and only beneficiary.
Even if Trump’s shares are worth more than any assets he has moved in the past, the kind of transfer he made this week is not unique for the president-elect.
Similar transfers to the same revocable trust were done by Trump prior to his first inauguration as president in 2017.
According to reports from Mazars, Trump’s accounting firm at the time, he moved a number of real estate holdings, assets, and liabilities to the trust.
During his presidential campaign in February 2016, he also made transfers to the trust.
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