Trump Media shares recover after post conviction sell-off
Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, are rebounding before the opening bell after former President Donald Trump was convicted in his hush money trial
Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, rebounded before the opening bell Friday after former President Donald Trump was convicted in his hush money trial.
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.
Shares fell 9% immediately Thursday in after-hours trading as news of the verdict emerged, but they edged back into positive territory an hour before the opening bell Friday.
The stock, which trades under the ticker symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.
The stock has tripled this year, in the process frequently 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.
In a filing with the U.S. Securities & Exchange Commission before going public, Trump Media warned investors of the potential pitfalls faced by the former president and the adverse affect it might have on the stock. “President Donald J. Trump is the subject of numerous legal proceedings, the scope and scale of which are unprecedented for a former President of the United States and current candidate for that office. An adverse
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