Former President Donald Trump, who was found guilty Thursday on 34 felony counts for falsifying records in his New York empire, also is set become a much less rich man Thursday, as shares of the social media company that constitute a majority of his net worth tanked after the jury delivered its verdict.
Trump's social media holdings slipped in value Thursday.
Shares of Trump Media, parent company of the Truth Social social media platform traded under the ticker $DJT, fell 9% in after hours trading by 5:45 p.m.
That downward swing came after Trump, who owns 65% of the company, became a convicted felon.
The almost 10% stock price drop would amount to a $532 million decline in the value of Trump’s shares.
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Trump’s net worth was $7.8 billion as of market close at 4 p.m. ET, according to our latest calculations, making him the 334th-richest person in the world. A majority of Trump’s fortune stems from his $5.9 billion stake in Trump Media at Thursday’s closing share price. The social media grubstake is set to decline to $5.4 billion at the after hours share price.
Trump Media went public in March via a reverse merger with a blank-check company after two years of regulatory and legal hiccups. In its two months on the public markets, Trump Media has performed shockingly well, and its after hours share price is still about 25% higher than its blank-check predecessor’s stock traded at before the merger’s completion. The strong performance appears to be entirely divorced from Trump Media’s financial reality, as its $771,000 in revenue during the first three months of 2024 is not exactly what a fundamental-focused investor would expect out of a company with a market capitalization of $9 billion.
For in-depth coverage of the Trump verdict and implications, view our coverage linked below.