According to a regulatory document submitted on Thursday, December 19, newly elected president Trump (Trump) has transferred his $4 billion shares in the parent company of the social media platform “Truth Social” – Trump Media and Technology Group (TMTG) – to a trust fund controlled by his son.
Reports from the news website Politico indicate that on December 17, Trump transferred nearly 115 million shares of TMTG stock as a “goodwill gift” to the Donald J. Trump Revocable Trust. During this process, Trump did not sell any shares.
Another document reveals that this trust is managed by Trump’s eldest son, Donald Trump Jr. He is also a board member of TMTG and holds the “sole voting and investment rights” to the company’s major shares.
The trust was established in 2014 and oversaw a portion of Trump’s assets during his first term. A revocable trust grants an individual the power to manage another person’s assets and can be modified after establishment.
Since Trump’s election victory, how to handle these shares has been a key issue.
This week, the Citizens for Responsibility and Ethics in Washington organization stated in an open letter that Trump’s ownership of shares would constitute a “clear conflict of interest” as he is responsible for nominating regulatory agencies that “directly oversee his company”.