(Reuters) -United States President-elect Donald Trump has moved his stake in Trump Media & Technology into a revocable trust.
Trump transferred 114.75 million shares, or 53% of Trump Media & Technology’s outstanding shares, to the revocable trust of which he is the sole beneficiary, according to securities filings.
His stake in the company was valued at more than $4 billion based on the stock’s last closing price of $35.41.
Trump said in November that he had no intention of selling his shares in the company, which owns the media platform Truth Social.
Trump’s eldest son, Donald Trump Jr., is the sole trustee of the trust and has sole voting and investment power over the securities he owns, according to securities filings.
Trump Media has a market capitalization of around $7.7 billion, as retail traders bet on the stock as an indicator that Trump will win the 2024 US presidential election.
The company’s shares fell 4% to $33.86 on Friday.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta)