Shares of Truth Social owner Trump Media tumble after ex-president found guilty in NYC

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.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.

Trump Media’s stock was down about 9% in after-hours trading Thursday as news of the verdict emerged.

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 small-pocketed investors attempt to catch an upward momentum swing at the right time.

The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower on a single day.

It peaked at nearly $80 in intraday trading on March 26.