(Reuters) – US President-elect Donald Trump has moved the stake he owns in Trump Media & Technology into a revocable trust.
Trump transferred 114.75 million shares, or 53% of the outstanding stock of Trump Media & Technology, 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 Truth Social media platform.
Trump's eldest son, Donald Trump Jr., is the sole trustee of the trust and has sole voting and investment power over securities held by him, according to the securities filing.
Trump Media has a market capitalization of about $7.7 billion as retail traders are betting on the stock as a proxy for Trump winning the 2024 US presidential election.
The company's shares were down 4% at $33.86 on Friday.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta)