President-elect Donald Trump has transferred his entire stake in Trump Media & Technology Group to a revocable trust, according to a filing late Thursday.

The Truth Social website on a smartphone.

The transaction was described as a gift, with Trump receiving no money for the transfer of his nearly 115 million DJT shares–worth more than $4 billion–to Donald J. Trump Revocable Trust. His stake amounted to 53% of Trump Media’s shares, according to FactSet.

The billionaire now “indirectly” owns the shares, having previously directly owned them, according to the Securities and Exchange Commission filing.

While Trump is the sole beneficiary of the trust, his son Donald J. Trump Jr. is the trustee and has sole voting and investment power over its securities.

The stock, which trades under the ticker DJT, fell 5.1% to $33.61 in premarket trading Friday. Through Thursday’s close, the shares have risen 102% in 2024 though have fallen 32% since reaching $51 the week before Trump’s presidential-election victory on Nov. 5.

The Truth Social parent’s stock largely has been seen as a proxy for Trump’s chance of winning and has struggled for direction ever since the outcome became clear. A number of Trump Media insiders sold shares in the company in the days and weeks after the election but notably the president-elect wasn’t one of them.

Around the time of his inauguration in 2017, Trump said he would put his assets into a trust in an effort to avoid conflicts of interests during his presidency.