Shares of Trump Media and Technology Group fell in midday trading on Friday after President-elect Donald Trump transferred all of his shares into a revocable trust, according to a regulatory filing.
Trump transferred about 115 million of his shares — worth about $4 billion on paper — to Social’s parent company. Networking site True Social The Securities and Exchange Commission said in a filing on Thursday that Donald J. Trump Revocable Trust as “True Gift”. Trump’s shares are worth more than half of the company’s shares.
It is not clear why Trump transferred the stock. Donald Trump Jr. is the sole trustee and has sole voting and investment power over all securities owned by the trust.
Shares of Trump Media were down about 2% at $34.68 in the afternoon. At one point on Friday, they were down about 6%.
Shares of Trump Media have been highly volatile since the company began trading in March. They hit intraday highs near $80 on their first day of trading, then fell to all-time lows in September when Trump and other insiders finally bought shares after standard lock-up agreements expired. Permission granted to sell. Trump has not sold any shares of the company.
The company’s stock price has fluctuated wildly on Trump-related news — good and bad. They broke up after Trump was convicted in a hush money trial in May, then escalated after the first assassination attempt on Trump in July. He raised again after winning re-election in November, even as the company reported a third-quarter loss of $19.2 million.
Trump created Trump Media on January 6, 2021, after banning Twitter and Facebook following the Capitol riots.
