Trump Defends Foundation After Announcing Plans to Shut Down Nonprofit

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Donald Trump

He also tweeted that the world was "gloomy" before his election win.

Donald Trump plans to dissolve the Donald J. Trump Foundation as part of his effort to avoid any conflict with his role as president come Inauguration Day. The president-elect announced in a statement Saturday that his counsel will handle the dissolution and that he plans to pursue his philanthropy in other ways.

In his announcement, Trump touted the "enormous good works over the years," saying the foundation contributed millions of dollars to countless groups, including veterans, law enforcement officers and children.

The foundation, however, has come under increased scrutiny and is under investigation by the New York State attorney general's office. The foundation cannot legally dissolve while it is being investigated, according to the office of state Attorney General Eric Schneiderman.

"The Trump foundation is still under investigation by this office and cannot legally dissolve until that investigation is complete," said spokeswoman Amy Spitalnick in a statement.

On Monday night, Trump took to Twitter to defend the nonprofit and criticize the media amid swirling criticism since he first made the announcement.

"I gave millions of dollars to DJT Foundation, raised or recieved millions more, ALL of which is given to charity, and media won't report!" tweeted Trump. He then posted, "The DJT Foundation, unlike most foundations, never paid fees, rent, salaries or any expenses. 100% of money goes to wonderful charities!"

In a 2015 tax filing made public on Nov. 18, Trump's charity admitted it violated IRS regulations barring the foundation from using its profits to benefit Trump, his family or his companies.

The Trump Foundation has raised $13.6 million since it was launched, with $4.9 million donated directly from Trump. The president-elect has not donated to the charity since 2008, according to CBS News.

Also Monday, Trump tweeted the world was "gloomy" before his election win and claimed credit for a lifted stock market and big holiday spending.

"There was no hope," he tweeted. "Now the market is up nearly 10% and Christmas spending is over a trillion dollars!"

Markets are up since Trump won the general election, reports the Associated Press. The Standard & Poor's 500 is up about 6 percent since Election Day and the Dow has risen more than 8 percent. Auditing and accounting firm Deloitte projected in September that total 2016 holiday sales were expected to exceed $1 trillion.