Donald Trump convicted: Shares in Trump Media slump after former president found guilty in hush money trial
Associated Press reported.A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex, the report added.As per the report, Trump Media's stock fell about 9% in after-hours trading Thursday as news of the verdict emerged.The stock, which trades under the ticker symbol "DJT," has been extraordinarily volatile since its debut in late March. It joins the group of meme stocks prone to swinging from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.Despite its volatility, the stock has tripled this year, often making double-digit percentage moves either higher or lower on a single day.
It peaked at nearly $80 in intraday trading on March 26. For context, the S&P 500 is up almost 10% year to date, the report added.Earlier this month, Trump Media reported a loss of more than $300 million for the last quarter, according to its first earnings report as a publicly traded company.For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with Digital World Acquisition Corp.
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