December 21, 2024 3:30pm EST
Trump transfers almost $4 billion of his Truth Social parent company shares to a trust in surprise move
Truth Social has hundreds of thousands of monthly users
By Jeffrey Clark FOXBusiness
President-elect Trump transferred almost all his shares in the parent company of Truth Social to the Donald J. Trump Revocable Trust, according to a Securities and Exchange Commission filing on Thursday.
Trump Media & Technology Group (TMTG) is the parent company of Truth Social, a social media app that positions itself as an alternative to mainstream apps like Instagram and X.
Since its listing, Trump Media has been popular with traders who viewed it as a speculative bet on Trump winning the Nov. 5 election. Trump has maintained up to 57% ownership of the company. In the lead up to the election, his stake was worth almost $4 billion.
TMTG was founded in Feb. 2021 by Trump and Andy Dean Litinsky. The company started trading on the NASDAQ in March 2024.
CREW Vice President for Communications Jordan Libowitz bashed Trump's stock transferal decision, saying that there are still ethical concerns for the president-elect.
"Yes, he put it in a trust, but [he] basically did nothing to assuage any ethical fears," Libowitz told Politico. "This is like a head nod in the direction of ethics without taking an actual ethical step."
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https://www.foxbusiness.com/media/trump-transfers-almost-4-billion-his-truth-social-parent-company-shares-trust-surprise-move
