According to reports, Donald Trump’s media company has suffered a massive financial blow. The media company saw its shares plummet shortly after the Republican candidate’s trial ended. Trump was found guilty on charges.
On Thursday, May 30, 2024, Trump Media & Technology Group lost a majority of its trading value. Trump Media & Technology Group is responsible for creating Truth Social, a social media platform. They also manage Trump’s media events and campaigns. The company lost share value after its founder, Trump, was found guilty on all 34 felony charges.
On May 30, 2024, around 5:30 in the evening, the company shares had gone down 7.4%. By closing time that day, the share had fallen by 9% as news of the verdict emerged, and was down 5% early on Friday, May 31, 2024.
The company shares and bonds have been highly unstable since they became available on the stock market in March 2024. The company trades its shares under the name “DJT.” As a result of its volatility, the company shares have been referred to as meme stocks with little long-term gain.
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Before the trial began in April 2024, the company share was doing extremely well, initially tripling its original value. During March and April 2024, the share values were hitting a double-digit percentage increase. Its highest value came on Tuesday, March 26, 2024, when it went for $80 per share.
On Thursday, May 30, 2024, before the media company’s stock began crashing, it had a value of $48 per share. Trump, who had a total of 115 million shares, saw his investment in the company valued at $5.1 billion before the crash. In 2023, the media company reported a loss of $58.2 million in contrast to its $4.1 million in revenue.
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The media company’s value came on the eve of Trump’s hush money trial, where he was declared guilty. In April 2024, Trump was charged to court in New York for falsifying business records. He had made some payments to former adult actress Stormy Daniels in 2016, to keep their affair in 2006 a secret. Although the Hush money payment wasn’t illegal, it was because Trump had described it as a legal expense.
Although all evidence points to the contrary, Trump has denied all allegations about the affair. He claimed he was being prosecuted for political reasons, along with other attacks on witnesses and the prosecution. Consequently, he was given a gag order to prevent him from further harassing the parties to the trial.
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On Thursday, May 30, 2024, after deliberating for two days a 12-person jury convicted the Republican presidential candidate. Despite Trump’s guilty verdict, he will still be allowed to challenge for the presidency and will serve his second term if he wins the election.
Early on Friday, May 31, 2024, AMC Entertainment, GameStop, and other meme businesses dropped, along with shares of social media firms. However, Trump Media’s dip was at least twice as large as any other company in either category before the opening bell.
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