Shares of Trump Media and Technology Group fell sharply in midday trading Friday as President-elect Donald Trump transferred his nearly 115 million shares worth around $4 billion into a revocable trust. The move was made as a “bona fide gift” to the Donald J. Trump Revocable Trust, where Donald Trump Jr. serves as the sole trustee.
The transfer comes after Trump’s company has experienced extreme volatility since its trading debut in March. Shares had reached intraday highs of nearly $80 but plunged to all-time lows following Trump’s re-election victory in November.
Trump created Truth Social after being banned from Twitter and Facebook following the January 6, 2021, Capitol riot. The transfer of his shares has left investors uncertain about the company’s future direction.
Source: https://finance.yahoo.com/news/president-elect-trump-transfers-close-164734425.html