Congress

Trump transfers $4B stake in Truth Social parent company into a trust

Published

1 year ago

December 20, 2024

President-elect Donald Trump has put his $4 billion stake in the parent company of his social media platform Truth Social into a trust controlled by one of his sons, according to a regulatory filing late Thursday.

The billionaire’s nearly 115 million shares in Trump Media & Technology Group were transferred to the Donald J. Trump Revocable Trust on Dec. 17 as “a bona fide gift,” the filing said. Trump did not sell any stock in the process.

Donald Trump Jr., the president-elect’s eldest son and a Trump Media board member, controls the trust and will have “sole voting and investment power” over the majority stake in the company, a separate filing said. Trump is the sole beneficiary of the trust, which was set up in 2014. A revocable trust gives an individual power over another’s assets and can be altered after its creation.

Trump Media, launched after Trump’s exile from major social media platforms, has become an unexpected pillar of the president-elect’s business empire.

The company, built around Truth Social, still loses money and has a small user base relative to other sites like the Elon Musk-owned X, formerly known as Twitter. But Trump Media’s profile — and more specifically, Truth Social’s — has risen since Trump won back the presidency. The president-elect has been rolling out nominations, announcements and critiques of his perceived political enemies on the site, making it a must-read in Washington.

Its shares, which trade under the ticker “DJT,” have been the subject of widespread speculation among Wall Street and MAGA investors that has often led to stunning valuations. Trump Media is currently valued at more than $7.5 billion. As a result, Trump has seen his net worth skyrocket, as his stake in the company is estimated to be a main source of his wealth.

How Trump would handle the shares has been a pressing question since he won the election. Ethics watchdogs have warned that the company could be a means for corporate actors or foreign interests to try to curry favor with the former president. In an open letter this week, Citizens for Responsibility and Ethics in Washington said the stake would pose “a clear conflict of interest” as Trump is in charge of nominating “the very regulators responsible for overseeing [his] company.”

Spokespeople for the Trump transition and Trump Media did not immediately respond to a request for comment.

When asked about Trump’s plans for the stock Monday, Trump-Vance transition spokesperson Karoline Leavitt told Blue Light News in a statement 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.”

“Unlike most politicians, President Trump didn’t get into politics for profit — he’s fighting because he loves the people of this country and wants to make America great again,” Leavitt said.

Congress

Thune is ‘hopeful’ Mitch McConnell will return this week

Published

2 hours ago

June 15, 2026

Blue Light Newsroom

Senate Majority Leader John Thune said Monday he hopes his predecessor as top Republican, Mitch McConnell, returns this week from a hospitalization.

Thune said he had not yet spoken directly with the 84-year-old Kentuckian but is getting “readouts from his staff.”

Asked about McConnell’s condition or if he knew if he would be back this week, Thune told reporters, “I’m hopeful that he’ll be back this week.”

A McConnell spokesperson said Sunday that he had been admitted to the hospital but did not provide details on his condition or why he was hospitalized — a break from recent prior instances where the seven-term senator was hospitalized.

A former McConnell staffer who spoke on the condition of anonymity was told the senator was doing much better Monday without any further details on what put him in the hospital.

Daniel Desrochers contributed to this report.

Congress

Senate to confirm Jay Clayton as soon as Thursday

Published

5 hours ago

June 15, 2026

Blue Light Newsroom

The Senate could vote as soon as Thursday on Jay Clayton’s nomination to serve as director of national intelligence — a lightning speed pace that will necessitate buy-in from all 100 senators.

Confirming Clayton could help shore up enough votes from Democrats to extend a government surveillance program that expired last Friday over opposition to Trump’s pick for acting director, Bill Pulte.

“He will come out of the committee Thursday, at least hopefully, and then if we get consent, we can move,” Senate Majority Leader John Thune said in an interview Monday about Clayton, who Trump only nominated for the job late last week.

Democrats “ought to be happy with Clayton,” said Thune, adding that he’s a “good” and “solid” pick.

Sen. Mark Warner of Virginia, the top Democrat on the Senate Intelligence Committee, floated Sunday to CBS News that Clayton could be confirmed this week if every senator cooperates.

Senate Intelligence will hold a hearing Wednesday on Clayton’s nomination. If every member of the panel agrees, he could then get a committee vote Thursday. Confirming Clayton on the Senate floor hours later would require getting agreement from every senator to speed up the process. Opposition from a single member will punt Clayton’s confirmation to next week.

Confirming Clayton Thursday would, crucially, limit — and potentially circumvent — Pulte from becoming acting director of national intelligence, which Trump has slated to take place Friday, June 19.

The president’s decision to put Pulte in charge after Tulsi Gabbard’s departure at the helm of the Office of National Intelligence sparked bipartisan pushback, with Democrats saying they will withhold support for extending Section 702 of the Foreign Intelligence Surveillance Act while Pulte is in the acting role. Congress allowed the key government spy authority lapse last Friday without a deal.

Trump threw another curveball into a FISA extension over the weekend when he posted on social media that he was against reauthorizing Section 702 unless a GOP elections bill is attached. That bill, known as the SAVE America Act, does not have the votes to get through Congress.

Thune threw cold water Monday on tying the two issues together.

“Yeah, he’s, as you know, passionate about getting that done and wants to use every opportunity to take a shot at it,” Thune said of Trump and his desire to enact the elections bill.

But, Thune said, “we can’t get FISA done” if the policies are linked.

Congress

Senate eyes vote on updated housing affordability legislation

Published

7 hours ago

June 15, 2026

Blue Light Newsroom

Senate Majority Leader John Thune is planning to put an updated version of a bipartisan housing affordability bill on the Senate floor for a vote this week, according to two people familiar with the bill dynamics and two Senate Democratic aides granted anonymity to discuss ongoing plans.

The version of the 21st Century ROAD to Housing Act that the Senate will vote on will include most of the House-passed language, including a provision restricting large institutional investors from buying single-family homes. The legislation would also add back Senate bills that were dropped from the House package that passed last month, the two people and the two aides said.

The Senate legislation comes after talks between Thune, Senate Banking Chair Tim Scott (R-S.C.) and ranking member Elizabeth Warren (D-Mass.). The updated Senate package was also discussed with the House and the White House, the aides said.

Still, it’s unclear if House leadership and the White House have signed off on the legislation.

The Senate and House have gone back and forth for months on language for a housing affordability bill as lawmakers on both sides look for a win to tout during a midterm election season dominated by cost-of-living issues.

Both chambers overwhelmingly passed their own versions of the housing bill — the Senate 89-10 in March, and the House 396-13 in May. The White House supported the Senate-passed bill and then backed the House-passed bill after it retained most of the Senate’s language on reining in private equity and other large Wall Street investors in the housing market — a top priority for President Donald Trump.

The Senate’s updated legislation would remove two of the House’s community banking deregulation bills due to budget scoring concerns, said two of the people familiar: two bills that would modify the Federal Deposit Insurance Act around failed insured depository institutions. The Senate bill also added back a provision to authorize the Community Development Block Grant Disaster Recovery program for seven years, as opposed to a permanent reauthorization in the Senate’s March legislation.

The Senate additionally re-inserted several upper-chamber priorities, including the BUILD NOW Act, which would incentivize communities to build more housing through the Community Development Block Grant program; the Rental Assistance Demonstration bill, which would raise the cap on housing authorities to convert voucher-based assistance; the Moving to Work bill, which would aim to add a new cohort of MTW public housing agencies; and the VALID Act, which would require Federal Housing Administration mortgage disclosures to include cost comparison information for veterans.

The package retains core wins for the leaders of both the Senate Banking and House Financial Services committees and their members and reflects input from all four leaders of those panels, one of the people familiar said.