President-elect Donald Trump has announced he is leaving “business in total” to focus on presidency and avoid perceived conflicts of interest, the BBC reports.
Mr Trump said he would be expanding on his plans at a press conference with his children next month.
He previously dismissed concerns over potential conflicts between his businesses and the presidency.
There is no legal requirement to liquidate assets but past US presidents have set aside their business dealings.
In a series of tweets on Wednesday, Mr Trump said: “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!
“While I am not mandated to do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.
“Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task!”