Trump's Strategic Stock Transfer in Media & Tech Sparks Market Reaction

Shares of Trump Media & Technology dropped 6% as Donald Trump moved his stake in the company to a revocable trust. This decision followed his earlier assertion of retaining his shares. The transfer includes 114.75 million shares, constituting 53% of the company's stock, valued at over $4 billion.

In a significant financial maneuver, shares of Trump Media & Technology Group experienced a 6% decline following news that the company's majority shareholder, Donald Trump, had moved his vast shareholding into a revocable trust.

The transition was notable as Trump, who had previously stated no intentions of selling his stock holdings, transferred approximately 114.75 million shares. This transfer comprises 53% of the company's total outstanding stock, as per the latest securities filings.

Valued at over $4 billion based on the last closing share price of $35.41, Trump's decision may have broader implications for the social media enterprise, notably its Truth Social platform.

(With inputs from agencies.)