President-elect Donald Trump this week transferred his entire stake of shares in Trump Media to a revocable trust of which he is the sole beneficiary, regulatory filings revealed Thursday evening.<\/p>\n
Trump did not receive any money for the gift of his 114,750,000 shares of Trump Media stock to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the Securities 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 Mazars, 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
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