How to shrink an exFAT partition in Windows 11?

I have a 16 terabyte external drive formatted using an exFAT partition. I am using only about a quarter of it and want to shrink the partition to make a second drive. Apparently this is possible using the tools native to Windows 11 but, “it is generally not recommended using native Windows tools because it can cause data loss or make the drive RAW/unreadable.”

Supposedly, there are third-party utilities that can do this. Can someone recommend one (preferably something free)?

IIRC MiniTool Partition Wizard is what I usually use.

I’ve used this. It’s free and works great. Though I’ve only used it with NTFS-formatted partitions.

I’d just buy another 4 Tb external drive ($100-$150), copy your existing data to it, then reformat the existing drive and re-partition it however you want.