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president-elect donald trump this week it transferred its entire stake in actions in Trump media to a revocable trust of which he is the sole beneficiary, by regulation filings revealed Thursday night.
Trump did not receive money for the gift of his 114,750,000 Trump Media shares stock to the Donald J. Trump Revocable Trust on Tuesday, according to a document filed with the Securities and Exchange Commission.
Because Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media shares he transferred, the SEC filing notes.
The president-elect’s son, Donald Trump Jr., is the sole trustee of the trust and has exclusive voting and investment power over securities held by the entity, according to a separate filing with the SEC on Thursday.
Trump Media, which trades under the symbol DJT, closed Thursday at $35.41 per share, bringing the value of the shares transferred to more than $4 billion.
Trump, who will be sworn in as president for a second nonconsecutive term on Jan. 20, had been the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represented almost 53% of the company’s outstanding shares.
The company has a market capitalization of more than $7 billion, a figure that dwarfs the company’s meager sales.
Trump Media on November 5, Election Day, reported quarterly revenue of only 1.01 million dollars and a net loss of 19.2 million dollars. The company also reported that it ended the third quarter with $673 million in cash and investments, with no debt.
President-elect Donald Trump arrives to ring the opening bell at the New York Stock Exchange, Thursday, Dec. 12, 2024, in New York.
Alex Brandon | AP
A Trump spokesperson did not immediately respond to a request for comment on the stock transfer.
A Trump Media spokeswoman had no comment on the transaction beyond pointing to two documents filed with the SEC that detailed the move and the role played by Trump’s son in the trust.
Thursday’s SEC filing 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 person (Trump) is the settlor and sole beneficiary of the Trust,” the document 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 assets he has previously moved.
Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.
At that time, Trump transferred several real estate properties, assets and liabilities to the trust, according to reports by Mazarswhich was then his accounting firm.
He also made transfers to the trust in February 2016, when he was campaigning for the presidency.
Trump has not held an executive position at Trump Media, whose shares went public earlier this year after the then-private company merged with a public company, Digital World Acquisition Corp.
Trump has nominated two members of Trump Media’s board of directors for senior positions in his administration.
Trump nominated former wrestling mogul Linda McMahon to become Secretary of Education and Kash Patel, a former Trump White House official, to become the next FBI director.
Trump also recently named 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 a California district in the House of Representatives, will remain CEO of Trump Media.
-CNBC Cristina Wilkie contributed to this report.
