Former President Donald Trump has transferred nearly all of his shares in the parent company of Truth Social, the social media platform he supports, to a revocable trust.
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 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
TRUMP TRUTH SOCIAL STOCK TRANSFER ETHICS INVESTMENT
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UPDATED: Court denies Yahaya Bello bail, transfers ex-governor from EFCC custody to prisonMr Bello risks spending the entire Christmas and New Year festivity period and, in fact, the whole 50 nights before the next hearing day in January in prison.
Read more »
Nigeria Transfers Electricity Regulatory Oversight To Lagos StateThe Nigerian government has transferred regulatory oversight of the electricity market in Lagos State to the Lagos State Electricity Regulatory Commission (LASERC).
Read more »
NERC transfers regulatory oversight of Lagos electricity market to state governmentNERC has issued an order transferring regulatory oversight of the electricity market in Lagos from the commission to the Lagos State Electricity Regulatory Commission (LASERC).
Read more »
NDDC Warns Against Fake Facebook Page Offering Christmas Cash TransfersThe Niger Delta Development Commission (NDDC) has issued a warning about a fraudulent Facebook page offering N30,000 Christmas cash transfers. The page claims to be affiliated with the NDDC Chairman, Chiedu Ebie, and encourages people to register to receive the funds. The NDDC has confirmed that it has no connection with the page and is urging people to report any instances of contact from this scam.
Read more »
“Dele Farotimi in custody for speaking truth to power”A Trusted Nigerian Newspaper
Read more »
Social Media Critic Challenges EFCC to Share Mug Shot of Arrested Ex-GovernorVeryDarkMan, a popular social media critic, has challenged Nigeria's Economic and Financial Crimes Commission (EFCC) to confirm the arrest of former Kogi Governor Yahaya Bello by sharing his mug shot. This comes after reports of Bello's arrest went viral online.
Read more »