President-elect Trump transfers close to $4 billion worth of his Trump Media shares to a trust

Shares of Trump Media and Technology Group slid in midday trading Friday after President-elect Donald Trump transferred all of his shares into a revocable trust, according to a regulatory filing. Trump transferred all of his nearly 115 million shares — worth around $4 billion on paper — in the parent company of social networking site Truth Social as a “bona fide gift” to the Donald J. Trump Revocable Trust, the Securities and Exchange Commission filing on Thursday said. It's not clear why Trump transferred the stock.