Sound Planning Group CEO David Stryzewski talks on “Varney & Co.” about what the early success of President Trump’s social media platforms says about investors’ affinity for the 45th president.
President-elect Trump has transferred nearly all of the shares in parent company Truth Social to the Donald J. Trump Revocable Trust, according to people familiar with the matter. securities and exchange commission Submitted 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 going public, Trump Media has been popular among traders who see it as a speculative bet that Trump will win the Nov. 5 election. Trump maintains up to 57% ownership in the company. Heading into the election, his stock was worth about $4 billion.
President-elect Trump has transferred substantially all of the shares in his parent company, Truth Social, to the Donald J. Trump Revocable Trust, according to a filing with the Securities and Exchange Commission. (Reuters/Dado Ruvic/Illustration/Reuters Photo)
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TMTG was founded in February 2021 by Trump and Andy Dean Lichinsky. The company began trading on the Nasdaq in March 2024.
Jordan Libowitz, CREW’s vice president of communications, condemned President Trump’s decision to transfer the stock, saying the president-elect still has ethical concerns.
“Yes, he put it in trust, but [he] “It basically didn’t allay any ethical concerns. This is kind of nodding in the direction of ethics without actually taking ethical steps,” Libowitz told Politico. spoke.
Truth Social’s value has skyrocketed in recent weeks as November 5th approaches. Shares rose nearly 9% to $34.17 in October. (Alison Robert/Pool via AP, File)/AP Newsroom)
Caroline Leavitt, a spokeswoman for the Trump Vance transition team, told Politico that Trump “actually lost his net worth because he stepped away from his multibillion-dollar real estate empire to run for office and prepaid his government salary.” He became the first president of the country,” he said. serve in white house. ”
The social value of truth soared in the weeks leading up to Election Day. Shares rose nearly 9% to $34.17 in October.
The Trump campaign did not respond to requests for comment. fox news digital.
Fox Business’ Sarah Rumpf-Whitten contributed to this report.
