In the story from May 30, corrections have been made to the closing price (now $51.84 instead of $51.12) in paragraph 2, clarification that the IPO was launched via a merger with a SPAC in paragraph 4, and the highest close corrected to $66.22 (not $79.38) in paragraph 5.
By Chibuike Oguh
NEW YORK (Reuters) – Shares of Trump Media & Technology Group fell 6.5% late Thursday after a New York jury convicted former President Donald Trump of falsifying documents to conceal a payment made to silence a porn star before the 2016 election.
The parent company of Truth Social, which is majority-owned by Trump, was trading at $48.44 in after-hours trading. It had closed at $51.84 during regular trading on Thursday, giving the company a valuation of $9 billion.
Following two days of deliberations, the 12-member jury found Trump guilty on all 34 counts. Justice Juan Merchan, the presiding judge, has set 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’s stock began trading on March 26 after merging with Digital World Acquisition, a special purpose acquisition company (SPAC). Supporters of Trump and speculators quickly bought up shares, causing them to soar as much as 59% in their Nasdaq debut. For the March quarter, the company reported revenues of $770,500 and an adjusted operating loss of $12.1 million.
The shares have been highly volatile. The highest closing price was $66.22 on March 27, and the lowest was $22.84 on April 16.
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