President-elect Donald Trump transferred all of his shares of Trump Media into a revocable trust controlled by his son, Donald Trump Jr., according to Security and Exchange Commission filings.
Trump did not receive any compensation for moving the 114,750,000 shares into the trust that was described as a gift in the documents.
As the beneficiary of the trust, Trump now "indirectly" owns the shares he transferred on Dec. 17.
His 53% stake in Trump Media & Technology Group, the parent company of Truth Social, is worth about $4 billion based on Thursday's closing price of about $35 a share.
Donald Trump Jr. has "sole voting and investment power over all securities owned by the trust" the president-elect established in 2014, another SEC filing said.
After news broke of Trump transferring his stock, shares in the company fell about 6% in trading on Friday.
