Following the guilty verdict in the trial. - The value of Trump's stock market shares drops by 314 million.
On Friday, the shares of the "Trump Media & Technology Group Corp." (TMTG), home of the Truth Social network, saw a 5.3% drop, losing an impressive $314 million. Some believe this decline was fueled by the previous day's verdict against Donald Trump.
"Newsweek" reported that funds managers were expecting this reaction.
Matthew Tuttle, a fund manager, stated, "The trading is certainly influenced by the news about Trump."
The Hammer Verdict: Trump Convicted
On Thursday, Trump was convicted in 34 charges, primarily concerning the falsification of business records to cover up a hush money payment to Stormy Daniels (45), a porn star allegedly involved in an affair with Trump during the 2016 election campaign. The verdict is set to be followed by a sentencing hearing on July 11th.
Trump's Stake in TMTG
Owning roughly 65% of TMTG, Trump holds control over 114.75 million shares.
The company began trading publicly on March 26th, and at its peak, a single share was valued at $75. However, this plummeted to just under $49 by the end of trading on Friday.
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