Aytak Unal/ | Anadolu | Getty Images
President-elect Donald Trump sold all of his stock this week. trump media into a revocable trust of which he is the sole beneficiary; Submitted documents It was revealed on Thursday night.
President Trump did not receive payment for his gift of 114.75 million shares of Trump Media stock to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the newspaper. securities and exchange commission.
The SEC filing states that because Trump is the beneficiary of the trust, he now “indirectly” owns the transferred Trump Media stock.
The president-elect’s son, Donald Trump Jr., is the sole trustee of the trust and has sole voting and investment rights over the securities held by the trust, according to a separate SEC filing Thursday. .
Trump Media, which trades under the ticker DJT, closed Thursday at $35.41 per share, valuing the transferred shares at more than $4 billion.
Trump, who is set to be sworn in for a second non-consecutive term as president on January 20, was the largest individual shareholder in the social media company that operates the Truth Social app. His shares accounted for nearly 53% of the company’s outstanding shares.
The company’s market capitalization exceeds $7 billion, a figure that dwarfs the company’s meager sales.
Trump Media reported quarterly revenue of just $1.01 million and a net loss of $19.2 million on Nov. 5 (Election Day). The company also reported ending the quarter with no debt and $673 million in cash and investments.
President-elect Donald Trump arrives to ring the opening bell at the New York Stock Exchange on Thursday, December 12, 2024, in New York.
Alex Brandon | AP
President Trump’s spokesperson did not respond to a request for comment on the stock transfer.
A Trump Media spokesperson did not comment on the deal other than to point to two SEC filings detailing the move and the role played by Trump’s son within the trust.
Thursday’s SEC filing states that after Trump transferred the stock, Trump “directly owns 0 shares of Trump Media & Technology Group stock and 114.75 shares of Trump Media & Technology Group stock. He indirectly owned 1,000,000 shares.
“The whistleblower [Trump] is the settlor and sole beneficiary of the trust,” the application states.
The type of transfer Trump used this week is not new for the president-elect, but the dollar value of Trump’s stock exceeds the value of previously transferred assets.
Trump made a similar transfer to the same revocable trust before taking office for the first time in 2017.
At the time, President Trump transferred various real estate holdings, assets and debts to the trust, according to reports. mazarwhich at the time was his accounting firm.
He also transferred to the trust in February 2016 while campaigning for president.
Trump does not hold an executive position at Trump Media, but the company’s stock began trading publicly earlier this year after the then-private company merged with the public company Digital World Acquisition Corporation.
President Trump has nominated two Trump Media board members to high-ranking positions within his administration.
President Trump has nominated former professional wrestling mogul Linda McMahon as secretary of education and former Trump administration official Kash Patel as the next FBI director.
President Trump recently named Trump Media CEO Devin Nunes to chair the Presidential Intelligence Advisory Council.
This position does not require Senate confirmation.
President Trump said Nunes, who previously served as a member of the California House of Representatives, will remain CEO of Trump Media.
-CNBC christina wilkie contributed to this report.
