Based on a Securities and Exchange Commission disclosure published Thursday, President-elect Donald Trump has moved around 115 million shares of Trump Media and Technology Group (NASDAQ:DJT) worth roughly $4 billionto a revocable trust.
Moving as a "bona fide gift" to the Donald J. Trump Revocable Trust, the shares account for more than half of the company's total stock. Donald Trump Jr., with exclusive voting and investing power over its assets, managesthe trust alone.
The file made no mention of the purpose for the move. Having traded down as much as 6% earlier in the day, Trump Media, the parent firm of Truth Social, dropped around 2% to $34.68 in midday trading Friday. Since its March public debut, Trump Media's stock has been rather erratic, swinging on news about Trump. During its first trading day, the stock touched highs close to $80 but following insider lock-up agreements expiring in September, it sank to record lows. The company reported a $19.2 million loss in the third quarter, but its shares jumped in November with Trump's reelection.
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