Trump Media stock falls after Donald Trump convicted in criminal hush money trial
Shares of Trump Media & Technology Group fell as much as 15% as investors took stock of Donald Trump’s guilty verdict on all 34 felony counts in his criminal hush money trial.
The after-hours slide was the latest turbulent turn for Trump’s namesake social media company, which rises and falls with the former president’s fortunes. Trump owns 65% of the shares in the parent company of the Truth Social app.
The stock, which trades under the ticker “DJT,” recovered as trading continued, but remained down about 4% in the early evening Thursday.
Volatility has been the stock’s governing principle since it began trading after the merger with shell company Digital World Acquisition Corp. in March. It has swung wildly from a high of $79.38 a share at the close of March 26 to its lowest close of $22.84 on April 16.
Trump Media’s market cap of more than $9 billion rests almost entirely on the Trump brand and his loyal following, including small-time investors who’ve shown their support for him by propping up the stock.
Trump Media reported a first-quarter net loss of $327.6 million on less than $1 million in revenue.
A New York jury convicted Trump of falsifying documents ahead of the 2016 presidential election to cover up a payment he made to porn star Stormy Daniels.
Trump is scheduled to be sentenced on July 11, right before the Republican National Convention where he’s expected to be formally nominated for president.