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.
According to a separate SEC filing on Thursday, Donald Trump Jr., the son of the president-elect, is the only trustee of the trust and has the exclusive ability to vote and make investments in assets held by the organization.
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 53% of the company’s outstanding shares were represented by his position.
More from CNBC
-
Pro pickleball players are
now getting a higher salary than WNBA
, NWSL players
-
How Vuori reached a $5.5 billion valuation
by taking share from Lululemon
-
Father, son plead guilty in
$100 million New Jersey deli stock scheme
CNBC has asked Trump and Trump Media representatives to comment on the transfer.
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.
Trump has not served as an executive at Trump Media, whose stock went public earlier this year following a merger between the privately owned business and Digital World Acquisition Corp.
Two board members of Trump Media have been nominated by Trump for senior roles in his cabinet.
Trump appointed former pro-wrestling tycoon Linda McMahona as his secretary of education and longtime Trump White House aide Kash Patel as the next director of the Federal Bureau of Investigation.
Additionally, Trump just appointed Devin Nunesto, CEO of Trump Media, to chair the President’s Intelligence Advisory Board.
The Senate does not need to confirm that position.
Nunes, a former representative from a California district in the House of Representatives, will continue to serve as the CEO of Trump Media, according to Trump.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!