Shares of Trump Media and Technology Group, which owns the social networking site Social truthStock prices fell on Thursday following the conviction of former President Donald Trump in his hush money trial.
New York jury Trump was found guilty Charged with falsifying business records in a scheme to illegally influence the 2016 election by secretly paying a porn actor who said the two had sex.
Trump Media stock fell about 9% in after-hours trading Thursday as news of the ruling emerged.
The stock trades under the ticker symbol “DJT.” Unusually volatile Since its debut in late March, it has joined the group of meme stocks prone to bouncing from highs to lows as investors with small pockets try to catch a timely upward momentum.
The stock has tripled this year, and in the process often makes double-digit percentage moves either higher or lower in a single day. It peaked at nearly $80 in intraday trading on March 26. For context, the S&P 500 is up nearly 10% year to date.
Earlier this month, Trump Media reported that it last lost more than $300 million a fourthaccording to its first earnings report as a Public joint stock company.
For the three-month period ended March 31, the company reported a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp. DWAC was an example of what is known as a special purpose acquisition company, or SPAC, which can give startups faster and easier ways to trade their shares publicly, but with much less scrutiny.
Trump Media & Technology fired an auditor this month after federal regulators recently fired him Charged with “large-scale fraud.” The media company dismissed BF Borgers as an independent public accounting firm on May 3, delaying the filing of its quarterly earnings report.
Trump Media had previously rotated through at least two other auditors — one who resigned in July 2023, and another who was terminated by its board in March, just as it was rehiring BF Borgers.
Trump has been charged with 34 counts of falsifying business records at his company in connection with an alleged scheme to hide potentially embarrassing stories about him during his 2016 Republican presidential campaign.
The charge, a felony, arose from the amounts paid to Trump's then-lawyer Michael Cohen After he made a secret payment of $130,000 to… Porn actress Stormy Daniels to silence her allegations of an extramarital sexual encounter with Trump in 2006. Trump was accused of misrepresenting Cohen's damages as legal expenses to hide that they were connected to the hush money payment.
Trump's defense maintained that Cohen's payments were in exchange for legitimate legal services.