itech unal/ | Anadolu | getty images
presidential election donald trump Transferred the entire stake this week shares In trump media of a revocable trust of which he is the sole beneficiary, settlor sawdust It was revealed on Thursday evening.
Trump did not receive any money for his gift of 114,750,000 shares of Trump Media store According to a filing Tuesday, Donald J. Trump Revocable Trust Securities and Exchange Commission,
Since Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media shares transferred to him, the SEC filing noted.
The president-elect’s son, Donald Trump Jr., is the sole trustee of the trust, and he has sole voting and investment power over all securities held by the entity, according to a separate SEC filing Thursday.
Trump Media, which trades under the DJT ticker, closed at $35.41 per share on Thursday, bringing the value of the transferred stock to more than $4 billion.
Trump, who is scheduled to be sworn in as president for a second consecutive term on January 20, was the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represents about 53% of the company’s outstanding shares.
President-elect Donald Trump arrives to ring the inauguration bell at the New York Stock Exchange on Thursday, Dec. 12, 2024, in New York.
Alex Brandon | AP
CNBC has requested comment on the transfer from Trump and Trump media spokespeople.
The SEC filing on Thursday said that after Trump transferred his shares, he “directly owned 0 shares of Trump Media & Technology Group Corp. and indirectly owned 114,750,000 shares of Trump Media & Technology Group Corp.”
“The reporting individual is the settlor and sole beneficiary of the (Trump) trust,” the filing said.
The type of transfer Trump used this week is not new for the president-elect, although the dollar value of his shares exceeds the value of any property he has transferred before.
Before his first inauguration as president in 2017, Trump made similar transfers into the same revocable trust.
At the time, Trump transferred various real estate holdings, assets and liabilities into the trust, according to reports produced by mazesWhich was his accounting firm at that time.
He also made transfers to the trust in February 2016, while he was campaigning for the presidency.
Trump has not held any executive positions at Trump Media, shares of which began public trading earlier this year when the then-privately held company merged into a public company, Digital World Acquisition Corp.
Trump has nominated two board members of Trump Media to high-level positions in his administration.
Trump chose former wrestling pro Linda McMahon to become Secretary of Education and former Trump White House official Kash Patel to become the next FBI Director.
Trump also recently nominated Trump Media CEO Devin Nunes to chair the President’s Intelligence Advisory Board.
That position does not require Senate confirmation.
Trump has said that Nunes, who previously represented the California district in the House of Representatives, will remain CEO of Trump Media.
– CNBC Christina Wilkie Contributed to this report.
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