Trump's Media Shares Tumble Amid Trust Transfer

Shares of Trump Media and Technology Group dropped after Donald Trump transferred his shares to a revocable trust. This comes amidst volatility following various Trump-related news events. Donald Trump Jr. has control over the shares, and the company's stock has been unstable since its debut in March.

Shares of Trump Media and Technology Group saw a midday drop on Friday, following former President Donald Trump's decision to move his shares into a revocable trust.

In a move confirmed by a Securities and Exchange Commission filing, Trump transferred nearly 115 million shares — valued at about USD 4 billion — as a 'bona fide gift.' These shares represent over half of the company's stock, with control now in the hands of Donald Trump Jr., acting as the sole trustee.

Since its market debut in March, Trump Media's shares have been notably volatile, responding to various news stories tied to Trump, including legal issues and political developments. Despite the fluctuations, Trump himself retains his shares, indicating further interest in the company's future trajectory.

(With inputs from agencies.)