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

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 POLITICO 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.