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{"id":3917,"date":"2024-12-20T15:18:46","date_gmt":"2024-12-20T15:18:46","guid":{"rendered":"https:\/\/bluelightnews.com\/category\/politics\/trump-transfers-4b-stake-in-truth-social-parent-company-into-a-trust\/"},"modified":"2024-12-20T15:18:46","modified_gmt":"2024-12-20T15:18:46","slug":"trump-transfers-4b-stake-in-truth-social-parent-company-into-a-trust","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/trump-transfers-4b-stake-in-truth-social-parent-company-into-a-trust\/","title":{"rendered":"Trump transfers $4B stake in Truth Social parent company into a trust"},"content":{"rendered":"<div>\n<p>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 href=\"https:\/\/s3.amazonaws.com\/sec.irpass.cc\/2660\/0001474506-24-000291.pdf\" target=\"_blank\">a regulatory filing<\/a> late Thursday.<\/p>\n<p>The billionaire&#8217;s nearly 115 million shares in Trump Media &amp; Technology Group were transferred to the Donald J. Trump Revocable Trust on Dec. 17 as &#8220;a bona fide gift,&#8221; the filing said. Trump did not sell any stock in the process.<\/p>\n<p>Donald Trump Jr., the president-elect&#8217;s eldest son and a Trump Media board member, controls the trust and will have &#8220;sole voting and investment power&#8221; over the majority stake in the company, <a href=\"https:\/\/s3.amazonaws.com\/sec.irpass.cc\/2660\/0001474506-24-000290.pdf\" target=\"_blank\">a separate filing said<\/a>. Trump is the sole beneficiary of the trust, which was set up in 2014. A revocable trust gives an individual power over another&#8217;s assets and can be altered after its creation.<\/p>\n<p>Trump Media, launched after Trump&#8217;s exile from major social media platforms, has become an unexpected pillar of the president-elect&#8217;s business empire.<\/p>\n<p>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&#8217;s profile \u2014 and more specifically, Truth Social&#8217;s \u2014 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.<\/p>\n<p>Its shares, which trade under the ticker &#8220;DJT,&#8221; 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 <a href=\"https:\/\/www.forbes.com\/sites\/danalexander\/article\/the-definitive-networth-of-donaldtrump\/\" target=\"_blank\">estimated to be a main source of his wealth<\/a>.<\/p>\n<p>How Trump would handle the shares has been a pressing question since he won the election. <a href=\"https:\/\/www.politico.com\/news\/2024\/09\/19\/trump-social-media-stake-ethics-00180038\" target=\"_blank\">Ethics watchdogs have warned<\/a> that the company could be a means for corporate actors or foreign interests to try to curry favor with the former president. In an <a href=\"https:\/\/www.citizensforethics.org\/wp-content\/uploads\/2024\/12\/Trump-divestment-letter.pdf\" target=\"_blank\">open letter this week<\/a>, Citizens for Responsibility and Ethics in Washington said the stake would pose &#8220;a clear conflict of interest&#8221; as Trump is in charge of nominating &#8220;the very regulators responsible for overseeing [his] company.&#8221;<\/p>\n<p>Spokespeople for the Trump transition and Trump Media did not immediately respond to a request for comment.<\/p>\n<p>When asked about Trump&#8217;s plans for the stock Monday, Trump-Vance transition spokesperson Karoline Leavitt told Blue Light News in a statement that the president-elect &#8220;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.&#8221;<\/p>\n<p>&#8220;Unlike most politicians, President Trump didn&#8217;t get into politics for profit \u2014 he&#8217;s fighting because he loves the people of this country and wants to make America great again,&#8221; Leavitt said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s nearly 115 million shares in Trump Media &amp; Technology Group were transferred to the Donald J. Trump [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3917","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/3917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=3917"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/3917\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=3917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=3917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=3917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}