Trump Media shares retreat in volatile trading following conviction
CNN
Shares of Truth Social owner Trump Media & Technology Group erased their premarket losses and moved higher in early trading Friday morning following the conviction of former President Donald Trump.
A criminal conviction isn’t typically a market-moving event. But the historic conviction of former President Donald Trump is causing extreme turbulence for Truth Social owner Trump Media & Technology Group. Trump Media – a notoriously volatile stock since debuting in late March – has swung between steep losses and sharp gains since a Manhattan jury found the former president guilty on Thursday. The Truth Social owner initially plummeted as much as 15% Thursday evening as the world reacted to the conviction. The stock battled back and opened Friday 4% higher before those gains fizzled. In recent trading, Trump Media is down about 5%. “Trump is the key figure here, so it’s no surprise that a conviction results in extra volatility as traders reassess what that means for the company,” Matthew Kennedy, senior IPO market strategist at Renaissance Capital, told CNN in an email on Friday. The former president isn’t just the chairman of Trump Media. He’s the most popular user on Truth Social and the leading shareholder. Trump Media’s ticker symbol is even “DJT.”
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