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 at Varney & Co.
President-elect Trump has transferred nearly all of his shares in Truth Social’s parent company to the Donald J. Trump Revocable Trust, according to A.J. Securities and Exchange Commission Deposit on Thursday.
Trump Media and 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 listing, Trump Media has been popular with traders who view it as a speculative bet on Trump winning the November 5 election. Trump maintained up to 57% ownership of the company. In the run-up to the election, his stake was worth about $4 billion.
President-elect Trump has 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 Rovik/Photo Illustration/Reuters Photos)
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TMTG was founded in February 2021 by Trump and Andy Dean Letinsky. The company began trading on the Nasdaq stock exchange in March 2024.
CREW Vice President of Communications Jordan Lebowitz criticized Trump’s decision to transfer the stock, saying there were still ethical concerns for the president-elect.
“Yes, he put it in a trust, but it did nothing to allay any ethical concerns,” Lebowitz told Politico. “This is a nod in the direction of ethics without actually taking an ethical step.”
Truth Social has been rising in value in recent weeks as November 5 approaches. In October, the stock price rose nearly 9% to $34.17. (Alison Robert/Pool via AP, File/AP Newsroom)
Carolyn Leavitt, a spokeswoman for the Trump-Vance transition team, told Politico that Trump “extracted himself from his multibillion-dollar real estate empire to run for president and gave up his government salary, becoming the first president to actually lose his net worth while serving in office.” The White House“.
The social value of truth rose in the weeks leading up to Election Day. In October, the stock price rose nearly 9% to $34.17.
The Trump campaign did not immediately respond to a request for comment Fox News Digital.
Fox Business’ Sarah Rumpf-Whitten contributed to this report.