Trump Media & Technology Group Corp DJT experienced a notable decline in its stock value. The company’s shares fell by 5.31% during pre-market trading on Friday, coinciding with a major decision by Donald Trump.
What Happened: Trump Media & Technology Group Corp saw its shares fall by 5.31% during pre-market trading on Friday. according to Benzinga Pro. This decline follows Donald Trump‘s decision to transfer his entire stake in the company to his revocable trust.
The transfer involved 114,750,000 shares, which equates to about 53% of the company’s ownership. The transaction was completed on Tuesday, with Trump named as the sole beneficiary, as per Securities and Exchange Commission filings released on Thursday.
The shares were transferred to the Donald J. Trump Revocable Trust without any monetary exchange. This move comes shortly after Trump participated in ringing the opening bell at the New York Stock Exchange, where DJT’s stock has more than doubled in value this year.
On Tuesday, the company’s shares closed at $35.41, putting the value of Trump’s transferred stake at roughly $4 billion. This transfer follows Trump’s earlier promise in September not to sell his shares in the Truth Social parent company. At that time, he had criticized Nasdaq for routine trading halts and suggested a possible move to the NYSE.
Why It Matters: The transfer of Trump’s stake in Trump Media & Technology Group Corp comes at a time when the company has seen significant growth. Earlier this year, DJT’s stock value had more than doubled, reflecting investor confidence in the company’s potential. However, Trump’s decision to transfer his shares to a revocable trust raises questions about his future involvement in the company.
In September, Trump had publicly criticized Nasdaq for its trading halts, hinting at a potential shift to the New York Stock Exchange. This move was seen as a strategic effort to align with a more stable trading environment. The recent transfer of shares to the trust could be part of a broader strategy to manage his assets while maintaining influence over the company.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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