This week, Trump Media & Technology Group awarded its directors blocks of shares valued at just over $825,000.
Among the recipients are two key figures nominated by former President Donald Trump for positions in his administration. However, Kash Patel stated in a congressional questionnaire as part of his nomination process that he would decline the compensation.
“On January 28, 2025, the TMTG board convened without my presence or participation and awarded all board members—including myself—compensation for past services provided, including a monetary award and shares,” Patel wrote in response to a question from Democratic Sen.
Adam Schiff of California. “Even though this represented compensation for past services I had provided, out of an abundance of caution and to avoid any appearance of any conflict, I did not and will not accept that compensation.” He also noted that he had “never received compensation for serving as a board member” of TMTG.
As part of a stock grant issued to its board members, the Truth Social parent company awarded nearly 26,000 shares each on Tuesday to its six directors: Patel, Linda McMahon, former U.S. Trade Representative Robert Lighthizer, Eric Swider, Kyle Green, and Donald Trump Jr., according to filings with the Securities and Exchange Commission released on Thursday.
Patel has been nominated for FBI director, while McMahon has been selected for the role of Secretary of Education; both await formal confirmation.
Many critics of former President Trump argue that his extensive financial interests—including his holdings in real estate, cryptocurrencies, and his social media company—could enable him to personally benefit from his presidency and potentially create avenues for business partners to gain influence within his administration.
Potential FBI Chief – Kash PatelTrump has, however, taken at least one step to mitigate potential conflicts of interest. In December, he announced that he had transferred his controlling stake in Trump Media to a revocable trust, with his eldest son as the sole beneficiary and Trump Jr. serving as the sole trustee, according to regulatory filings. As a result, he does not participate in voting on company or board decisions.
It is standard practice for corporate board members to receive stock awards, and there is no evidence to suggest that these grants were anything other than routine board member compensation.
Nevertheless, the involvement of potential high-ranking officials in Trump’s administration with Trump Media—a company built around his brand and where he remains the dominant shareholder—could heighten existing concerns about conflicts of interest surrounding both the company and a possible second Trump presidency.
According to the filings, board members were awarded these shares “as consideration for services provided” beginning when the company went public in March 2024.
The awarded shares are classified as restricted stock units. Of the total shares granted, 25%—approximately 6,500 shares per board member, worth over $200,000 at Friday’s closing price—could be sold immediately.
The remaining 75% will vest incrementally in quarterly installments from March 2025 through March 2027.
The disclosure of these stock grants coincided with Patel’s contentious Senate confirmation hearing, where he faced scrutiny, including over past statements in which he praised rioters involved in the January 6, 2021, attack on the U.S. Capitol.
Additionally, Trump Media announced plans this week to expand into financial services, including potential investments in bitcoin and other cryptocurrencies.
The company revealed its intention to launch a fintech brand called Truth.Fi, which will introduce investment products focused on American growth, manufacturing, energy, and what it describes as the “Patriot Economy.”
