itstargetnews
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 on “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 Stock Exchange and Securities 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 listing, Trump Media has been popular among traders who saw it as a speculative bet on Trump winning the Nov. 5 election. Trump has maintained up to 57% ownership of the company. Before the election, his stake was worth nearly $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)
STEPHEN COLBERT CALLS ABC ‘STUPID’ ON SETTLEMENT WITH TRUMP
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, saying there are still ethical concerns for the president-elect.
“Yes, he put it in a trust, but he basically did nothing to alleviate any 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 soared in recent weeks as November 5 approaches. In October, the stock price rose nearly 9% to $34.17. (Allison Robbert/Pool via AP, File) / AP Newsroom)
TRUMP, MUSK RETURN TO LEADER AFTER DEM LEADER BLAME HOUSE GOP FOR BIPARTIAL DEAL
A spokeswoman for the Trump-Vance transition team, Karoline Leavitt, told Politico that Trump “retired 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 soared 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.
Sarah Rumpf-Whitten of Fox Business contributed to this report.
