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President-elect Donald Trump this week transferred his entire stake in stock to… Trump media into a revocable trust of which he is the sole beneficiary, regulatory filings revealed Thursday evening.
Trump received no money for his stock gift of 114,750,000 Trump Media shares 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 fund, and has sole voting and investing authority over all securities held by the entity, according to a separate Securities and Exchange Commission filing Thursday.
Trump Media, whose shares trade under the ticker DJT, closed at $35.41 per share on Thursday, making the value of the transferred shares more than $4 billion.
Trump, who is scheduled to be sworn in as president for a second non-consecutive term on January 20, was the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represents approximately 53% of the company's outstanding shares.
President-elect Donald Trump arrives to ring the opening bell at the New York Stock Exchange, Thursday, Dec. 12, 2024, in New York.
Alex Brandon | AP
CNBC requested comment on the transfer from Trump spokespeople and Trump Media.
Thursday's SEC filing said that after Trump transferred his stock, 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 filing stated: “The reporting person (Trump) is the settlor and sole beneficiary of the fund.”
The type of transfer Trump used this week is not new for the president-elect, even though the dollar value of his shares exceeds the value of any assets he has previously transferred.
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 properties, assets and liabilities to the trust, according to reports issued by Mazars, which was then his accounting firm.
He also made transfers to the fund in February 2016, when he was campaigning for president.
Trump has not held an executive position at Trump Media, whose shares began trading publicly earlier this year after the then-privately owned company merged with a public company, Digital World Acquisition Corp.
Trump nominated two Trump Media board members to high-level positions in his administration.
Trump appointed former wrestling mogul Linda McMahon to serve as Secretary of Education, and Cash Patel, a former Trump-era White House official, to become the next FBI director.
Trump also recently appointed Trump Media CEO Devin Nunes to chair the Presidential Intelligence Advisory Board.
This position does not require Senate approval.
Trump said Nunes, who previously represented a California district in the House of Representatives, will remain CEO of Trump Media.
— CNBC's Christina Wilkie contributed to this report.
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