United States President-elect, Donald Trump, has transferred almost all his shares in the parent company of Truth Social to the Donald J. Trump Revocable Trust, according to a Securities and Exchange Commission filing on Thursday.
Fox News reports that 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.
According to the report, Trump Media has been popular with traders who viewed it as a speculative bet on Trump winning the November 5 election since its listing.
In the lead up to the November 5 election, Trump's stake was worth almost $4 billion as he maintained up to 57 percent ownership of the company.
However, Jordan Libowitz, CREW Vice President for Communications, bashed Trump's stock transferal decision.
Libowitz claimed that there are still ethical concerns for Trump.
"Yes, he put it in a trust, but [he] basically did nothing to assuage any ethical fears," Libowitz told Politico.
"This is like a head nod in the direction of ethics without taking an actual ethical step."
Meanwhile, a spokesperson for the Trump-Vance transition team, Karoline Leavitt, told Politico that Trump "removed himself from his multi-billion-dollar real estate empire to run for office and forewent his government salary".
Leavitt stated that Trump became the first President to actually lose net worth while serving in the White House.
Truth's Social worth soared in the weeks leading up to election day as the stock price rose almost 9 percent to $34.17 in October.
Fox News Digital reports that the Trump campaign did not immediately respond to a request for comments.
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