DJT stock retreats from post-conviction sell-off after Trump found guilty in secret trial.

Shares of Trump Media & Technology Group (DJT), the parent company of Truth Social, former President Donald Trump’s social media platform, rebounded from prolonged trading losses to rise about 6% Friday morning after that Trump was found guilty on all 34 counts. falsification of business records to influence the 2016 presidential campaign.

Trump, who will likely appeal the verdict, will be sentenced July 11 and faces up to four years in prison on each count.

Trump Media, Truth Social’s parent company, went public on Nasdaq after merging with special purpose acquisition company Digital World Acquisition Corp.

Shares have fallen about 10% since the company’s IPO in late March.

Trump founded Truth Social after being kicked off major social media apps like Facebook and Twitter, the platform now known as X, following the Capitol riots on January 6, 2021. Trump has since been reinstated on those platforms , although the former president posted almost exclusively on his Truth Social account throughout the trial.

In April, an updated regulatory filing showed Trump Media reported sales of just over $4 million, while net losses reached nearly $60 million for the full fiscal year ending Dec. 31 . The company warned that it expects losses to continue amid greater profitability challenges.

In May, the company reported first-quarter results revealing losses of $327 million, primarily related to expenses related to its SPAC deal. The company revealed that as of April 29, more than 621,000 different shareholders owned Trump Media stock, noting that the “vast majority” of them were retail investors.

Trump retains a roughly 60% stake in Truth Social. At Thursday’s closing price of about $52 per share, Trump Media has a market capitalization of about $7 billion, giving the former president a stake worth about $4.2 billion. of dollars. Just after the company’s public debut, Trump’s stake was worth just over $4.5 billion.

In late April, the stock hit a milestone that earned Trump an additional $1.2 billion. However, shareholders are still subject to a six-month holding period before selling or transferring their shares.

Former President Donald Trump leaves the courthouse after a jury found him guilty on all 34 counts during his criminal trial in Manhattan Criminal Court, Thursday, May 30, 2024, in New York.  (Justin Lane/Pool photo via AP)

Former President Donald Trump leaves the courthouse after a jury found him guilty on all 34 counts during his criminal trial in Manhattan Criminal Court, Thursday, May 30, 2024, in New York. (Justin Lane/Pool photo via AP) (ASSOCIATED PRESS)

Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

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