Trump Media Shares Plunge 8% After Trump's Conviction on 34 Counts

May 31, 2024, 12:46 PM

Shares of Trump Media and Technology Group fell sharply after former President Donald Trump was found guilty on all 34 counts in the hush-money case. The stock dropped 8% in premarket trading on Friday, following a 9% decline in after-hours trading. Trump was convicted of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 election. As the company's largest investor and primary user of its Truth Social platform, Trump's conviction has had a significant impact on the company's stock performance. The stock was down -0.3% premarket, according to CNBC.