Shares of Trump Media & Technology, parent of Truth Social, rose modestly early Friday before dropping after a Manhattan jury found Former President Donald Trump guilty of 34 felonies late Thursday in the court case around falsifying records to cover up hush money paid to a porn star.
The Trump stock fell 5.3% to 49.06 during market trade on Friday. DJT shares sank as much as 7% during premarket trade on Friday. However, DJT erased those early losses and was trading 5% higher heading into the market open.
The guilty verdict Thursday made Trump the first ever former president to be convicted of a felony crime. Trump told the press the process was "rigged" and that it was a "disgraceful trial."
"The real verdict is going to be Nov. 5 by the people," Trump said Thursday.
Following the court proceedings, Trump's 2024 campaign fundraising page on Thursday temporarily crashed as Google searches for "Donald Trump donation" and others surged, according to Google search data.
The Conviction And The Trump Stock
Trump Media advanced 1.4% to 51.84 on Thursday and is up 13% on the week, finding support at its 50-day moving average. Last week, DJT shares sank 10% after reporting another quarterly loss while revenue once again failed to hit $1 million.
Trump Media reported an adjusted EBITDA loss of $12.1 million, with just over half of that one-time payments related to the closing of its SPAC merger with Digital World Acquisition Corp.
Revenue was just $770,500, the second straight quarter below $1 million.
Trump Media reported a GAAP loss of $327.6 million. That was largely due to $311 million in noncash expenses from converting promissory notes and eliminating previous liabilities.
The company believes it has "sufficient working capital to fund operations for the foreseeable future."
Trump Media jumped more than 16% on March 26, its first day trading under the DJT ticker, hitting a high of 79.38 intraday. This followed Digital World Acquisition becoming Trump Media & Technology Group after successfully merging with Trump's tech and social-media platform on March 22. The SPAC company stock had rallied 35% on the day before the change to "DJT."
In 2024, DJT/DWAC has gained 196%. Trump has a nearly 65% stake in DJT.
Please follow Kit Norton on X @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Is Tesla Stock A Buy Or A Sell?
Get Full Access To IBD Stock Lists And Ratings
Learning How To Pick Great Stocks? Read Investor's Corner
Is Rivian A Buy Right Now After First-Quarter Earnings?
Stocks End Week On Bullish Note; Tesla Rivals, Nvidia CEO On Tap
