Shares of Trump Media & Technology Group drop 6.5pc following Trump's conviction
Truth Social logo on the smartphone, Trump in the background illustration.
Trump Media & Technology Group (TMTG) shares fell 6.5 per cent in after-hours trading on Thursday, following the conviction of former President Donald Trump by a New York jury for falsifying records to hide a payment made to silence a porn star ahead of the 2016 election.
TMTG, the parent company of the social networking platform Truth Social and majority-owned by Trump, saw its stock trade at $48.44 after the bell. This marked a drop from its regular trading hours closing of $51.12, which gave the business a $9 billion valuation.
After two days of deliberation, the 12-member jury returned its judgment, finding Trump guilty of all 34 counts. The presiding court, Justice Juan Merchan, scheduled the sentencing for July 11, just days before the Republican National Convention is anticipated to officially nominate Trump for president on July 15.
Trump Media shares have been extremely volatile since their first public offering on March 26. On its Nasdaq debut, the company's shares surged by up to 59 per cent, fuelled by a flood of buying by Trump fans and market speculators. The company reported $770,500 in revenue for the March quarter, with an adjusted operating loss of $12.1 million.
The highest closing price for TMTG shares was $79.38 on the day of the IPO, with the lowest being $22.84 on April 16. Recent legal events have exacerbated the company's already volatile stock performance.
As the sentencing date approaches and the Republican National Convention approaches, the financial and political consequences for Trump and TMTG remain undetermined.
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(With inputs from Reuters)