Trump Media & Technology Group Corp (NASDAQ:), the media and technology company majority-owned by Donald Trump, lost more than 9% in premarket trading Friday after a New York jury found the former US president guilty of murder. specialized trial in a money case.
Jurors, after deliberating for two days, found Trump guilty of falsifying documents to cover up a payment made to silence a porn star before the 2016 election. The 77-year-old man was found guilty on all 34 charges.
Judge Juan Merchan scheduled sentencing for July 11, just days before the start of the Republican National Convention on July 15, where Trump is expected to formally nominate him for the presidency.
Trump Media, which owns social media platform Truth Social, traded at $47.30 before the market opened. Earlier Thursday, shares closed at $51.84, compared to a company valuation of about $9 billion.
Since its initial public offering (IPO) in March, DJT stock has attracted significant attention from Trump supporters and speculators, with the stock up 59% in its debut on the Nasdaq. For the March quarter, the company reported revenue of $770,500 and an adjusted operating loss of $12.1 million.
Since then, the stock has become highly volatile, with a closing peak of $79.38 on March 26 and a low of $22.84 on April 16.