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President-elect Trump has transferred substantially all of the stock in parent company Truth Social to the Donald J. Trump Revocable Trust, according to a filing with the Securities and Exchange Commission on Thursday.
Trump Media & Technology Group (TMTG) is the parent company of Truth Social, a social media app that positions itself as an alternative to mainstream apps like Instagram and X.
Since going public, Trump Media has been popular among traders who see it as a speculative bet that Trump will win the Nov. 5 election. Trump maintains up to 57% ownership in the company. Heading into the election, his stock was worth about $4 billion.
President-elect Trump has transferred substantially all of the shares in his parent company, Truth Social, to the Donald J. Trump Revocable Trust, according to a filing with the Securities and Exchange Commission. (Reuters/Dado Ruvic/Illustration/Reuters Photo)
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TMTG was founded in February 2021 by Trump and Andy Dean Lichinsky. The company began trading on the Nasdaq in March 2024.
Jordan Libowitz, CREW’s vice president of communications, condemned President Trump’s decision to transfer the stock, saying the president-elect still has ethical concerns.
“Yes, he put it in a trust, but he basically did nothing to allay the ethical concerns,” Libowitz told Politico. “This is like nodding in the direction of ethics without actually taking an ethical step.”
Truth Social’s value has skyrocketed in recent weeks as November 5th approaches. Shares rose nearly 9% to $34.17 in October. (Alison Robert/Pool via AP, File)/AP Newsroom)
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Caroline Leavitt, a spokeswoman for the Trump Vance transition team, told Politico that Trump “actually lost his net worth because he stepped away from his multibillion-dollar real estate empire to run for office and prepaid his government salary.” He became the first president of the country,” he said. Serving in the White House. ”
The social value of truth soared in the weeks leading up to Election Day. Shares rose nearly 9% to $34.17 in October.
The Trump campaign did not respond to Fox News Digital’s request for comment.
Fox Business’ Sarah Rumpf-Whitten contributed to this report.
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