As soon as the guilty Donald Trump became an official criminal today, Trump Media shares tumbled by "as much as 15%," according to CNBC. Or rather, 18.3%, according to The New York Times, who reported that the crash erased "hundreds of millions of dollars from the company's market value … putting a dent in Mr. Trump's majority stake" of 65%.
The volatile company, which owns his Truth Social app, later managed to catch a few wheezy breaths, but was still down by around 9% as of this evening.
And, since the convicted ex-president owns 65% of Trump Media shares, the sudden drop, according to Forbes, "amounts to a $532 million decline in the value" of Trump's crumbling piece of the pie. From Forbes:
Former President Donald Trump, who was found guilty Thursday on 34 felony counts for falsifying records in his New York empire, also is set become a much less rich man Thursday, as shares of the social media company that constitute a majority of his net worth tanked after the jury delivered its verdict.
Shares of Trump Media, parent company of the Truth Social social media platform traded under the ticker $DJT, fell 9% in after hours trading by 5:45 p.m.
That downward swing came after Trump, who owns 65% of the company, became a convicted felon.
Trump's sentencing is set to take place at the Manhattan criminal court on July 11.
