Trump Media & Technology Shares Drop

(Reuters) – Trump Media & Technology's shares fell about 6% on Friday following U.S. President-elect Donald Trump's decision to transfer ownership of his stake in the social media company to a revocable trust.

This action comes after Trump indicated in November that he had no plans to sell his shares in the company, which owns the Truth Social media platform.

According to securities filings, Trump moved 114.75 million shares, equating to 53% of Trump Media & Technology Group's outstanding stock, to the revocable trust of which he is the sole beneficiary.

His stake in the company was valued at over $4 billion based on the last closing price of $35.41.