Donald Trump has transferred almost all of his shares in Trump Media and Technology Group (TMTG), the parent company of Truth Social, into a revocable trust. This move was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday.

Trump Media owns Truth Social, a social media platform that serves as an alternative to mainstream platforms like Instagram and X. The company became popular with traders who saw it as a speculative investment tied to Trump’s election bid. In the months before the November election, Trump’s stake in TMTG was worth nearly $4 billion, with him owning as much as 57% of the company.

However, the transfer has raised concerns from critics. Jordan Libowitz, Vice President of Communications at CREW, pointed out that while Trump placed his shares in a trust, the move did not address the ethical concerns surrounding his business dealings. Libowitz argued that the transfer appeared more as a symbolic action than a real attempt to resolve any conflicts of interest.

In response, Karoline Leavitt, a spokesperson for Trump’s transition team, defended the decision. She highlighted that Trump had already removed himself from his real estate empire when he became president and did not take a salary while in office. Leavitt also noted that Trump was the first president to lose net worth while serving.

Ahead of the election, Truth Social’s stock saw a surge, rising almost 9% to reach $34.17 in October. Despite the rise in stock price, the Trump campaign did not provide immediate comments on the move.