
Trump Moves Majority Of His TruthSocial Stock Into Trust
President-elect Donald Trump has made the decision to move almost his entire stake in TruthSocial to the Donald J. Trump Revocable Trust.
The news came in a Securities and Exchange Commission filing on Thursday, Fox News reported.
Trump Media & Technology Group (TMTG) is the parent company of Truth Social, and it has seen a rise in popularity during the election season as traders speculated on the chance that the Republican would regain the presidency.
“Trump has maintained up to 57% ownership of the company. In the lead up to the election, his stake was worth almost $4 billion,” the report said.
CREW Vice President for Communications Jordan Libowitz claimed that there were still ethical issues involved, however.
“Yes, he put it in a trust, but [he] basically did nothing to assuage any ethical fears,” he said to Politico. “This is like a head nod in the direction of ethics without taking an actual ethical step.”
Karoline Leavitt, a spokesperson for the Trump-Vance transition team, said that the president-elect “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.”
In April, it was reported that Trump Media & Technology Group (TMTG) ‘s stock market performance surpassed expectations. After its merger and public offering on the Nasdaq exchange, TMTG’s value soared nearly 25 percent.
TMTG, the parent company of Truth Social, began trading on NASDAQ under the ticker symbol DJT on March 26 after merging with Digital World Acquisition Corp. (DWAC). Days later, shares of DWAC closed at $49.95. Later that week, The Epoch Times reported that TMTG was trading at $61.96, a rise of over 24 percent.
Former President Trump owns 78.75 million shares in TMTG, which were valued at $61.96 each at the time of the report. Thus, his stake in TMTG was worth approximately $4.87 billion, while the company’s total market capitalization was approximately $8.39 billion. As of March 30, President Trump’s net worth was estimated to be $7.48 billion, which put him at the 350th spot among the world’s 500 richest individuals.