Trump Media & Technology shares fell as much as 6% on Friday, offsetting losses after President-elect Donald Trump moved his stake in the social media company into a revocable trust.
The move comes after President Trump said in November that he had no intention of selling his stake in the company that owns the Truth social media platform.
Trump transferred 114.75 million shares, or 53% of Trump Media & Technology Group's outstanding stock, to a revocable trust of which he is the sole beneficiary, according to securities filings.
His stake in the company was valued at more than $4 billion, based on the stock's last closing price of $35.41.
Trump Media shares fell 2% to $34.80.
