Trump Media shares tumble after Donald Trump found guilty on 34 felony counts
Trump Media shares fell as much as 15% in extended trading on Thursday after a New York jury found former President Donald Trump guilty on all 34 felony counts of falsifying business records in his criminal hush money trial.
The stock, which trades under the ticker “DJT,” recovered slightly as trading continued, but remained down about 9% in the early evening.
The former president owns 65% of the company’s shares.
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Trump Media, which owns the Truth Social app, merged with shell company Digital World Acquisition Corp. in late March. The stock surged and then plunged.
The company has a market cap of about $9 billion, based almost entirely on Trump’s brand and his massive personal following. Trump Media reported a net loss in the first quarter of $327.6 million on less than $1 million in revenue.
