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From Politico: President-elect Donald Trump has put his $4 billion stake in the parent company of his social media platform Truth Social into a trust controlled by one of his sons, according to a regulatory filing late Thursday.
Trump’s nearly 115 million shares in Trump Media & Technology Group were transferred to the Donald J. Trump Revocable Trust on Dec. 17 as “a bona fide gift,” the filing said. Trump did not sell any stock in the process.
Donald Trump Jr., the president-elect’s eldest son and a Trump Media board member, controls the trust and will have “sole voting and investment power” over the majority stake in the company, a separate filing said. Trump is the sole beneficiary of the trust, which was set up in 2014 and oversaw some of his assets during his first administration. A revocable trust gives an individual power over another’s assets and can be altered after its creation. Some experts believe the move does not go far enough.
Trump Media, launched after Trump’s exile from major social media platforms, has become an unexpected pillar of the president-elect’s business empire.
Trump Media is currently valued at more than $7.5 billion, Politico reported.
Trump spokesperson Karoline Leavitt said in a statement that Trump “removed himself from his multi-billion-dollar real estate empire to run for office and forewent his government salary, becoming the first President to actually lose net worth while serving in the White House.”
“Unlike most politicians, President Trump didn’t get into politics for profit — he’s fighting because he loves the people of this country and wants to make America great again,” Leavitt added.
Trump transfers $4B stake in Truth Social parent company into a trust https://t.co/DHiaVzIgla
— POLITICO (@politico) December 20, 2024
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