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In a surprising financial maneuver, President-elect Donald Trump transferred nearly all of his shares in the parent company of Truth Social to the Donald J. Trump Revocable Trust, according to a Securities and Exchange Commission (SEC) filing on Thursday.
This move comes as Trump prepares to assume the presidency and faces mounting scrutiny over potential ethical concerns tied to his business dealings.
Trump Media & Technology Group (TMTG), the parent company of Truth Social, was co-founded by Trump and Andy Dean Litinsky in February 2021. Truth Social has positioned itself as a conservative alternative to mainstream social media platforms like Instagram and X (formerly Twitter), boasting hundreds of thousands of monthly users.
Since its NASDAQ debut in March 2024, the company has attracted traders who see it as a speculative bet on Trump’s political resurgence. Trump maintained up to 57% ownership of TMTG, with his stake valued at nearly $4 billion in the lead-up to the November 5 election.
The transfer of shares to the trust has drawn mixed reactions. Critics argue the move does little to address lingering ethical concerns. Jordan Libowitz, Vice President for Communications at Citizens for Responsibility and Ethics in Washington (CREW), told Politico that the decision falls short of meaningful ethical action.
“Yes, he put it in a trust, but [he] basically did nothing to assuage any ethical fears,” Libowitz said. “This is like a head nod in the direction of ethics without taking an actual ethical step.”
Defending the transfer, Karoline Leavitt, a spokesperson for the Trump-Vance transition team, emphasized Trump’s sacrifices for public service.
She pointed out that Trump had stepped away from his multi-billion-dollar real estate empire to pursue office and even forewent his presidential salary during his first term, becoming “the first President to actually lose net worth while serving in the White House.”
Despite the controversy, TMTG’s financial performance has surged. In the weeks leading up to Election Day, the company saw a sharp increase in stock value, with shares rising almost 9% in October to $34.17. The jump reflects investor confidence tied to Trump’s political future and the platform’s growth among conservative users.
While the move to transfer shares to the Donald J. Trump Revocable Trust signals an attempt to create a layer of separation between Trump and his business interests, questions remain about how much influence he will retain over the company.
As Trump prepares to take office, his financial dealings and business ties will likely face further scrutiny from watchdog groups and political opponents alike.
This stock transfer could mark the beginning of broader efforts by Trump to navigate ethical challenges as he assumes the presidency once again. However, whether this step will satisfy critics or mitigate concerns remains to be seen.
