Trump Media shares sink 9% after Donald Trump conviction
From CNN's Matt Egan
Shares of Truth Social owner Trump Media & Technology Group (DJT) tumbled 9% in after-hours trading Thursday after former President Donald Trump was found guilty on all 34 felony charges.
Trump Media’s share price was little changed until news broke that the jury had reached a verdict. Shares then fell sharply after the conviction was announced.
Trump is the chairman and leading shareholder of Trump Media, which went public in March after completing a controversial merger.
Even accounting for the after-hours selloff, Trump’s dominant stake of 114.75 million shares is valued at $5.4 billion on paper.
Experts have said the lofty valuation placed on Trump Media is hard to square with the fact that Truth Social remains a tiny player in social media and the company generates very little revenue.
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