Shares in Trump Media, Owner of Truth Social, Drop Following Announcement of Verdict

The fallout has begun, and it sure didn't take long; following the guilty verdict of Donald Trump in the Manhattan trial, shares of the Trump Media & Technology Group, which includes the former President's Truth Social media platform, dropped in after-hours trading on Thursday:

Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.
...
Trump Media’s stock was down about 9% in after-hours trading Thursday as news of the verdict emerged.

Granted, the stock has been all over the place since its initial offering in March:

The stock, which trades under the ticket symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as smaller retailers attempt to catch an upward momentum swing at the right time. It peaked at nearly $80 in intraday trading on March 26.
Earlier this month, Trump Media reported that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.

The stock started impressively, as RedState has covered:

Trump's 'Truth Social' Sees Stock Price Soar on First Day of Trading

After the initial offering, the company went through a series of difficulties, including rotating through several auditing firms:

Trump Media & Technology fired an auditor this month that federal regulators recently charged with “massive fraud.” The media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of its quarterly earnings report.
Trump Media had previously cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated by its board in March, just as it was re-hiring BF Borgers.

The Trump organization, from which the former President made his fortune, is primarily a real estate business, with stakes in hotels, gold resorts, and high-rise apartment buildings all over the planet. Those enterprises are not publically traded.

It's unclear what will become of Truth Social now, although it's probable the next few days will tell the tale; Thursday's drop may well be a temporary blip, especially considering the immediate bump Trump has seen in campaign donations.

Truth Social, former President Trump's social media platform, was started after the 2020 election when the former President was barred from using Twitter (now, X) before Elon Musk purchased that platform. Musk re-instated Donald Trump's Twitter/X account in 2022, but the former president has continued to sue Truth Social to communicate with his followers.

To keep abreast of all of the very best commentary on the Trump trial and its aftermath, please consider upgrading to a VIP membership. Today only, TownHall Media is offering 60 percent off, and a Gold membership not only gives you access to ad-free premium stories but also to all of RedState's sister sites, including TownHall, PJMedia, Twitchy, HotAir, and Bearing Arms. Sign up today. Do it while you still can!