LINE GOES DOWN

Trump Media Stock Takes a Tumble After His Hush Money Conviction

The after-hours stock dip might have had something to do with the fact that the company’s largest shareholder had just been found guilty on 34 felony counts.

Trump Media stock took a dive in after-hours trading on Thursday after a New York jury convicted the company’s largest shareholder on 34 felony counts of falsifying business records. Shares closed at just over $51 during regular hours, but had slid as much as 9 percent by the early evening. The company, about 65 percent of which is owned by Donald Trump, has a market cap of around $9 billion. Earlier this month, Trump Media reported a first-quarter net loss of more than $327 million and less than $1 million in revenue. The slumping numbers are reminiscent of the DJT stock’s volatility since a strong March debut in the wake of a merger with the shell company Digital World Acquisition Corp. Trump’s conviction comes after a seven-week trial in Manhattan and a two-day deliberation by the jury. Sentencing was set on Thursday by Justice Juan Merchan for July 11, four days before the Republican National Convention.