Trump Media & Technology Group Corp (NASDAQ:DJT), a media and technology company whose majority owner is Donald Trump, saw its shares slide more than 9% in premarket trading Friday after a New York jury found the former US President guilty in the high-profile hush money trial.
The jury, after two days of deliberation, convicted Trump of falsifying documents to cover up a payment made to silence a porn star before the 2016 election. The 77-year-old was found guilty on all 34 counts.
Judge Juan Merchan scheduled sentencing for July 11, just days before the Republican National Convention begins on July 15, where Trump is expected to be formally nominated for president.
Trump Media, which owns the social media platform Truth Social, saw its shares trading at $47.30 in the market pre-open. The stock previously closed at $51.84 on Thursday, when the company's valuation stood at roughly $9 billion.
Following its initial public offering (IPO) in March, DJT stock attracted significant attention from Trump supporters and speculators, with shares surging as much as 59% on their Nasdaq debut. For the March quarter, the company reported revenues of $770,500 and an adjusted operating loss of $12.1 million.
The stock has been highly volatile since, reaching a peak closing price of $79.38 on March 26 and a low of $22.84 on April 16.