(Reuters) -Newly elected U.S. President Donald Trump has moved his stake in Trump Media & Technology to a revocable trust.
Trump transferred 114.75 million shares, or 53% of Trump Media & Technology’s outstanding shares, to the revocable trust of which he is the sole beneficiary, securities filings show.
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 plans to sell 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 the securities he owns, according to securities filings.
Trump Media has a market capitalization of about $7.7 billion, with retail traders betting on the stock as an indication that Trump would win the 2024 US presidential election.
The company’s shares fell 4% to $33.86 on Friday.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta)