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Asserting that the presidency is far more important than anything else, US president-elect Donald Trump today announced that he is to leave his "great" business empire to avoid perceived conflicts of interest.
Trump gave few details but said he would expand on his plans at a major press conference on December 15 along with his children.
He has previously dismissed concerns over potential conflicts between his businesses and the presidency.
"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 leave my great business in total in order to fully focus on running the country to MAKE AMERICA GREAT AGAIN," Trump announced in a series of tweets.
The 70-year-old property tycoon is said to be currently worth USD 3.7 billion by Forbes magazine, with more than 500 different enterprises in his business empire.
His three eldest children already hold roles within the Trump empire which boasts golf clubs, office towers and other properties in several countries, including India.
He has also previously suggested he could hand over his sprawling business interests to his three eldest children - Ivanka, Eric and Donald Jr, who already hold roles within his empire.
"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," he said in another tweet.
"Hence, legal documents are being crafted which take me completely out of business operations," he said.
"The Presidency is far more important task," Trump said in another tweet trying to end the controversy surrounding the alleged conflict of interest he would have with his business while he is President of the US.
Trump, who was elected as the 45th president of the US on November 8, will be sworn in on January 20.
There is no legal requirement to liquidate assets but past US presidents have set aside their business deals. Trump's rivals have raised repeated concerns this may cause problems in the coming months.
Trump had previously told the New York Times that he was considering separating his two areas of responsibility but was confident he could run both "perfectly".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)