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President-elect Donald Trump this week he donated his entire share of the amount shares IN Trump media to a revocable trust of which he is the sole beneficiary, regulatory filings revealed on Thursday evening.
Trump did not receive any money for his gift of 114,750,000 shares of Trump Media stock warehouse according to an application filed Tuesday with the Donald J. Trump Revocable Trust Securities and Exchange Commission.
Because Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media stock he transferred, the SEC filing noted.
DJT-listed Trump Media closed at $35.41 per share on Thursday, bringing the value of shares transferred to more than $4 billion.
Trump, who is scheduled to be sworn in as president on Jan. 20 for a second consecutive term, was the largest individual shareholder of the social media company that operates the Truth Social app. His shares accounted for nearly 53% of the company's shares.
CNBC asked for comment on the transfer of Trump spokesmen and Trump Media.
On Thursday, an SEC filing said that after Trump transferred his shares, he “directly owned 0 shares of Trump Media & Technology Group Corp. and indirectly owned 114,750,000 shares of Trump Media & Technology Group Corp.”
“The reporting person (Trump) is the founder and sole beneficiary of the Trust,” the filing reads.
The type of transfer Trump used this week is nothing new for the president-elect, although the dollar value of his shares exceeds the value of any assets he has previously transferred.
Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.
During that time, Trump transferred various real estate interests, assets and liabilities to the trust, according to reports compiled by Trump Mazarswhich was his accounting firm at the time.
He also made transfers to the trust in February 2016, when he was running a presidential campaign.
Trump did not hold an executive position at Trump Media, whose shares became publicly traded earlier this year after the then-private company merged with the public company Digital World Acquisition Corp.
Trump said he plans to nominate two Trump Media board members to senior positions in his administration.
Trump has named former pro wrestling mogul Linda McMahon as education secretary, and Kash Patel, a former Trump White House official, has become the next FBI director.
Trump also recently named Trump Media CEO Devin Nunes as chairman of the Presidential Intelligence Advisory Council.
This position does not require Senate confirmation.
Trump said Nunes, who previously represented a California district in the House of Representatives, will remain CEO of Trump Media.
– CNBC Christina Wilkie contributed to this report.
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