Donald Trump moved all 114.75 million shares in the parent corporation that operates his Truth Social network to a revocable trust prior to his return to the White House.
His $6 billion net worth is mostly made up of his interests in Trump Media & Technology Group, which are now valued at about $4 billion. He is the largest stakeholder in the group.
The president-elect gave the stock to the Donald J. Trump Revocable Trust earlier this week, per SEC filings. According to documents, Donald Trump Jr., his eldest son, is the only trustee and has the exclusive ability to vote and make investments in the trust’s assets.
Trump is still the trust’s only beneficiary.
Government watchdogs, parliamentarians, and ethics organizations have criticized the president-elect for a complex web of possible conflicts of interest that could arise during his reign.
While the administration’s international relations could help his real estate business and other financial investments, his appointees, many of whom are billionaires and ultra-wealthy Wall Street figures with their own conflicts, will be tasked with supervising policies and regulating agencies that could impact his profit margins.
Trump pledged to give his sons management of his empire, provide his income to the government, and avoid starting any new businesses abroad when he moved his assets, real estate holdings, and liabilities into his namesake trust in 2017, prior to his first term as president.
But in the years since leaving office, the former president has been pursuing new deals in his branding and real estate interests, from promoting Bibles and guitars to investing in cryptocurrency, all while his trust was the focus of a protracted investigation into fraud within the Trump Organization.
Significantly, a legally mandated ethics plan for Trump’s future government did not include any discussion of how Trump might be affected by those ethics rules.
The Campaign Legal Center claims that in the absence of a clear plan, the American public is left in the dark regarding how Trump, a wealthy businessman with a real estate empire and connections to many other industries, will handle any conflicts of interest that might surface during his second term.
Additionally, Trump has nominated a number of Truth Social board chairs to his administration, such as conspiracy theorist Kash Patel as the future director of the FBI and professional wrestling tycoon Linda McMahon as secretary of education.
The incoming president’s intelligence advisory council will be chaired by Devin Nunes, the CEO of Trump Media.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.