Trump, 70, who was elected as the 45th president of the US on November 8 said this in a series of tweets this morning. He will be sworn in on January 20.
"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.
"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.
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.
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.
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