- Trump Media’s stock fell nearly 9% in after-hours trading Thursday.
- He owns 65% of the company and stands to lose $532 million.
- Follow DailyMail.com’s live coverage of the historic Trump trial verdict
Shares of Trump Media & Technology Group, owner of the social networking site Truth Social, fell Thursday after former President Donald Trump was found guilty in his secret trial.
A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election by paying money to a porn actor who claimed the two had sex .
Shares of Trump Media fell nearly 9% after hours Thursday as the verdict was announced.
The stock, which trades under the symbol “DJT,” has been extremely volatile since its late March debut, joining the group of meme stocks that tend to ricochet from highs to lows as small-pocketed investors try to take bullish momentum. swing at the right time.
Earlier this month, Trump Media announced that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
Truth Social shares fell 9% after Trump’s guilty verdict, meaning the former president stands to lose $532 million in stock value.
It was trading at $48.44 after the closing bell. It closed at $51.12 during normal hours on Thursday, giving it a valuation of $9 billion.
The former president owns 65% of the company and the drop in stock price would equate to a $532 million drop in the value of Trump’s stock, according to Forbes.
Trump’s net worth stood at $7.8 billion as of market close at 4 p.m. ET, making him the 334th richest person in the world, according to Forbes calculations.
The majority of Trump’s fortune comes from his $5.9 billion stake in Trump Media – which stands to lose $5.4 billion after the stock closes.
A jury of seven men and five women in Manhattan Criminal Court deliberated for nearly 10 hours before convicting the former president on Thursday of 34 counts of falsifying business records.
It was the first time a former US president faced a criminal trial and the verdict could upend the race for the White House in 2024, marking a pivotal moment in US history.
The verdict comes after five weeks of dramatic evidence and 22 witnesses questioned on the stand.
The 34 charges against Trump each carry a maximum sentence of up to four years in prison. A sentencing date is set for July 11 at 10 a.m. ET.
Prosecutors have spoken of a Trump plot to “corrupt” the 2016 election by hiding a secret $130,000 payment by his “fixer” Michael Cohen to porn star Stormy Daniels.
Daniels alleged that she and Trump had sex ten years earlier, which he denied.
The former president owns 65% of the company and the decline in the stock price would equate to a $532 million drop in the value of Trump’s stock.
The case featured explosive evidence from Daniels and lifted the lid on the “catch and kill” practices of the National Enquirer tabloid, which bought stories that could harm Trump and deleted them.
But the actual criminal charges concern something more prosaic: reimbursements that Trump signed for Cohen for payment.
The reimbursements, paid by Trump in monthly installments, were recorded as legal fees.
Prosecutors say it was a fraudulent label intended to conceal the purpose of the secret transaction and illegally interfere in the 2016 election.
Defense attorneys argued that Cohen actually did important legal work for Trump and his family and was paid for it.
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