Donald Trump will withdraw from running his businesses to avoid any perception of conflict of interest when he becomes president.
The President-elect tweeted that while it was not a legal necessity, it was a "visually important" move.
He said he would be leaving his "great business in total to fully focus on running the country" and that "legal documents are being crafted which take me out of business operations.
"The Presidency is a far more important task!" he added,
Mr Trump said he would give more details at a "major news conference" on 15 December.
Critics had argued the billionaire could expose himself to potential conflicts of interest in his new job, such as when pursuing policies that affect corporations.
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