President-elect Donald Trump announced on Saturday that he will dissolve the Trump Foundation in an effort to distance himself from potential conflicts of interest before he takes office, reports CNN.
Trump's transition team has directed his counsel to take the steps necessary to bring about the foundation's dissolution.
Trump also spoke about how much money the foundation had donated in the past to veterans, children's groups, and law enforcement.
"The foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children," Trump said in a statement.
"However, to avoid even the appearance of any conflict with my role as President, I have decided to continue to pursue my strong interest in philanthropy in other ways,"
The Trump Foundation has been the subject of a great deal of criticism, including allegations that Trump used foundation money to settle legal disputes, and that the foundation had violated IRS rules in giving money to someone close to the organizations.
The Tump Foundation is under investigation by the New York state Attorney General's office, which could be a problem.
Because the foundation is still under investigation, it may not be able to dissolve.
PEOTUS is going to disperse remaining Trump Foundation $ and then close it. They're likely bringing on an outside monitor for Trump Org— Maggie Haberman (@maggieNYT) December 24, 2016
The announcement has generated speculation on social media.
Some on Twitter see the move as a scramble to legitimate Trump before he takes office.