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Sound Planning Group CEO David Stryzewski discusses what the early success of Trump’s social media platform says about investors’ affinity for the 45th president in ‘Varney & Co.’
President-elect Trump transferred nearly all of his shares in Truth Social’s parent company to the Donald J. Trump Revocable Trust, according to a Securities and Exchange Commission presentation on Thursday.
Trump Media & Technology Group (TMTG) is the parent company of Truth Social, a social media app that positions itself as an alternative to mainstream apps like Instagram and X.
Since its IPO, Trump Media has been popular with traders who saw it as a speculative bet that Trump would win the Nov. 5 election. Trump has maintained up to 57% ownership of the company. In the run-up to the election, his stake was worth almost $4 billion.
President-elect Trump transferred nearly all of his shares in Truth Social’s parent company to the Donald J. Trump Revocable Trust, according to a Securities and Exchange Commission filing. (REUTERS/Dado Ruvic/Illustration/Reuters Photos)
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TMTG was founded in February 2021 by Trump and Andy Dean Litinsky. The company began trading on the NASDAQ in March 2024.
CREW Vice President of Communications Jordan Libowitz criticized Trump’s stock transfer decision and said there are still ethical concerns for the president-elect.
“Yes, he put it in a trust, but he basically did nothing to calm ethical fears,” Libowitz told Politico. “This is like a nod in the direction of ethics without taking an actual ethical step.”
Truth Social’s value has skyrocketed in recent weeks as November 5 approaches. In October, the share price rose almost 9% to $34.17. (Allison Robbert/Pool via AP, File) / AP Newsroom)
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A spokesperson for the Trump-Vance transition team, Karoline Leavitt, told Politico that Trump “withdrew from his multibillion-dollar real estate empire to run for office and gave up his government salary, becoming the first president to actually lose his net worth while serving in the White House“.
Truth’s social value skyrocketed in the weeks leading up to Election Day. In October, the share price rose almost 9% to $34.17.
The Trump campaign did not immediately respond to a request for comment from Fox News Digital.
Fox Business’ Sarah Rumpf-Whitten contributed to this report.
