Shares of Trump Media & Technology Group Corp. (TMTG), trading under the moniker “DJT, plunged on Friday, a day after the company’s majority shareholder former president Donald Trump was found guilty of falsifying business records.
The company’s share price declined 5.30 percent by close of trading on Friday which amounted to a $314 million loss in value for Trump’s shares.
Some analysts suggested that the conviction may have impacted the performance of TMTG’s shares on Friday.
Matthew Tuttle, founder and CEO of Tuttle Capital Management, told Newsweek that the verdict was “definitely” impacting the stock.
“It trades partially based on any Trump news,” Tuttle said. He later said Trump lost “about $314,415,000” when asked how much Trump lost in value from the shares drop on Friday.
Trump was on Thursday convicted on 34 felony counts related to a payment to adult actress Stormy Daniels in what authorities in New York alleged was meant to silence her from discussing an affair during the 2016 presidential election she said she had with Trump. The former president denies wrongdoing and has rejected Daniels’ claim of an affair.
