Shares of Trump Media & Technology Group (DJT.O) fell 6.5% late on Thursday after a New York jury convicted former President Donald Trump of falsifying documents to conceal a payment to silence a porn star ahead of the 2016 election. The parent company of Truth Social, primarily owned by Trump, saw its shares trade at $48.44 after the closing bell, down from $51.12 during regular trading hours, bringing its valuation to $9 billion.
The 12-member jury found Trump guilty on all 34 counts after two days of deliberations. Sentencing is scheduled for July 11, just days before the Republican National Convention on July 15, where Trump is expected to be formally nominated for the presidential race. Since its initial public offering on March 26, Trump Media’s shares have shown significant volatility, with a high of $79.38 and a low of $22.84. The company reported $770,500 in revenue for the March quarter but faced an adjusted operating loss of $12.1 million.