Trump Media stock drops 9% after Donald Trump becomes a convicted felon
- Trump Media and Technology Group stock fell as much as 9% after Donald Trump became a convicted felon.
- Trump Media stock has been volatile since the conviction, having risen 7% in premarket trading.
Trump Media and Technology Group experienced a rollercoaster ride of trading in the aftermath of Donald Trump becoming a convicted felon.
Trump Media, which is the parent company of Truth Social, saw its stock decline as much as 9% on Friday.
The stock was initially down as much as 15% after Trump's guilty verdict was announced on Thursday in after-hours trading. From there, the stock erased all of those losses and rose about 7% in the pre-market hours on Friday, only for the stock to sell off again during regular trading.
The shares have since pared back some of those losses and is trading down about 5% as of Friday at 10:30 am.
Trump was found guilty on all 34 charges related to falsifying business records in the hush-money trial, which was centered on him paying off Stormy Daniels a few weeks before the 2016 Presidential election.
"This was a disgrace. This was a rigged trial by a conflicted judge who was corrupt," Trump said following the guilty decision. "We will fight for our Constitution. This is long from over. The real verdict is going to be November 5 by the people. They know what happened, and everyone knows what happened here."
Trump is scheduled to be sentenced on July 11 and faces up to four years in prison, though he is largely expected to appeal the verdict.
Trump Media Group has largely become a meme-stock with a fervent base of supporters who are politically aligned with the former President. While the company sports a valuation of nearly $9 billion, its underlying business is almost non-existent.
The social media company, which was founded in 2021, reported revenue of just $770,500 in the first quarter and losses of $327.6 million.