Trump Media shares fall after Donald Trump's hush money conviction
Shares of Trump Media & Technology Group dropped 6.5% after a New York jury convicted former President Donald Trump for falsifying documents. The presiding judge, Justice Juan Merchan, set sentencing for July 11, just before the Republican National Convention.
of & Technology Group dropped 6.5% late on Thursday after a jury convicted former President for to cover up a to silence a ahead of the 2016 election.The parent, majority owned by Trump, was trading at $48.44 after the closing bell. It had closed at $51.12 during regular hours on Thursday, which gave it a valuation of $9 billion.
After deliberations over two days, the 12-member jury announced it had found Trump guilty on all 34 counts he faced. The presiding judge, Justice Juan Merchan, has set sentencing for July 11, which would be days before the July 15 start of the expected to formally nominate Trump for president.
In Trump Media's initial public offering on March 26, Trump supporters and speculators snapped up the company's shares, sending them soaring as much as 59% in their debut. The company reported revenues of $770,500 for the March quarter and an adjusted operating loss of $12.1 million.
The shares have been extremely volatile. The highest close was $79.38 on March 26 and the lowest close was $22.84 on April 16.
Source: Stocks-Markets-Economic Times
