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.
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.
Because Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media shares he transferred, the SEC filing noted.
The president-elect’s 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.
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.
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’s outstanding shares.
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CNBC has requested comment on the transfer from spokespeople for Trump and for Trump Media.
The SEC filing on Thursday said that after the 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 filing said.
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.
Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.
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.
He also made transfers to the trust in February 2016, when he was campaigning for president.
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.
Trump has nominated two Trump Media’s board members to high-level positions in his administration.
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.
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.
