(Reuters) – Trump Media & Technology’s shares fell about 6% on Friday after U.S. President-elect Donald Trump moved the stake he owns in the social media company to a revocable trust.
The move comes after Trump said in November that he had no intention of selling his shares in the company, which owns the Truth Social media platform.
Trump transferred 114.75 million shares, or 53% of Trump Media & Technology Group’s outstanding stock, to the revocable trust of which he is the sole beneficiary, according to securities filings.
His stake in the company was valued at more than $4 billion based on the stock’s last closing price of $35.41.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta)
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