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Shares of Trump Media and Technology Group fell in midday trading Friday after President-elect Donald Trump transferred all of his shares into a revocable trust, according to a regulatory filing.
Trump transferred all of his nearly 115 million shares, worth about $4 billion on paper, in social’s parent company Truth Social networking site as a “good faith gift” to the Donald J. Trump Revocable Trust, according to Thursday’s Securities and Exchange Commission filing. Trump’s shares represent more than half of the company’s shares.
It is unclear why Trump transferred the shares. Donald Trump Jr. is the sole trustee and has exclusive voting and investment power over all securities owned by the trust.
Trump Media shares fell about 2% in midday trading, to $34.68 each. At one point on Friday, they were down about 6%.
Trump Media shares have been extremely volatile since the company began trading in March. They reached intraday highs near $80 on the first day of trading, then fell to record lows in September, when Trump and other insiders were finally allowed to sell shares after standard lockup agreements expired. Trump has not sold any shares in the company.
The company’s stock price has fluctuated wildly due to news (good and bad) related to Trump. They fell after Trump’s conviction in a hush money trial in May, and then rose after Trump’s first assassination attempt in July. They rose again after he won re-election in November, even as the company reported a loss of $19.2 million in the third quarter.
Trump created Trump Media after he was banned from Twitter and Facebook following the Capitol riot on January 6, 2021.
