Shares of Trump Media and Technology Group, the parent of Donald Trump's Truth Social, bounced between gains and losses in early trading on Friday after a jury found the former president guilty on all 34 counts in a criminal hush money trial.
Trump Media shares are up more than 7% this week. Broader stocks were marginally higher.
Manhattan District Attorney Alvin Bragg charged Trump with falsifying business records in the first degree. Trump pleaded not guilty to all counts but was convicted on each.
Trump's company has not yet commented on the developments.
Supporters of former President and Republican presidential candidate Donald Trump gather outside Trump Tower after he was convicted in his criminal trial in New York City on May 30, 2024. ((Photo by TIMOTHY A. CLARY/AFP via Getty Images))
Several business leaders weighed in following the verdict, including Elon Musk, who denounced it as a stain on the "American legal system" in a post on X.
Ahead of the verdict, reports surfaced that Trump is mulling a White House role for Musk should he win in the fall.
Donald Trump arrives at Trump Tower on May 30, 2024, in New York City. ((Photo by Gotham/GC Images))
Earlier this week, Trump Media CEO Deven Nunes wrote a letter to Louisiana Office of Financial Institutions Commissioner Scott Jolly, highlighting what the company believes is stock manipulation of its shares. Nunes is asking Jolly to launch a probe.
Former President Trump returns from a break in his criminal trial at Manhattan Criminal Court in New York City on Wednesday. (Curtis Means/Pool/Getty Images / Getty Images)
"I respectfully request that you immediately open an investigation to determine the nature and extent of any illicit activities — and particularly whether the trading in DJT has violated Louisiana Securities Law," Nunes wrote.
This is not the first time Nunes has alleged market manipulation of Trump Media stock. In April, Nunes asked Nasdaq CEO Adena Friedman to investigate similar alleged trading patterns.
Shares of Trump Media have advanced more than 180% this year despite losing money.
Earlier this month, the company reported a first-quarter operating loss of more than $12 million and revenue of $770,500. Additionally, the company disclosed that its retail shareholder base – smaller Main Street investors – totaled 621,000.
The former president is the largest single shareholder with a 65% stake valued at just under $6 billion, as tracked by Thomson One.