Trump Media shares tumble after Donald Trump found guilty on 34 felony counts
Shares of Trump Media dipped Friday morning after the company's largest stockholder, former President Donald Trump, was convicted of 34 felony counts.
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Trump Media shares fell as much as 15% in extended trading on Thursday and remained down Friday morning after a New York jury found former President Donald Trump guilty on all 34 felony counts of falsifying business records in his criminal hush money trial.
The stock, which trades under the ticker "DJT," initially recovered in pre-market trading on Friday but tumbled as much as 7% after market open.
The former president owns 65% of the company's shares.
Trump Media, which owns the Truth Social app, merged with shell company Digital World Acquisition Corp. in late March. The stock surged and then plunged.
The company has a market cap of about $9 billion, based almost entirely on Trump's brand and his massive personal following. Trump Media reported a net loss in the first quarter of $327.6 million on less than $1 million in revenue.
Read more CNBC on Trump's guilty verdict
