Trump Media & Technology sees volatile trading after guilty verdict

Trump Media & Technology Corp (NASDAQ:DJT) stock traded down around 5% amidst the fall-out of the guilty verdict in Donald Trump's ‘hush-money’ case.

After Trump was last night found guilty on all 34 counts of falsifying business records the former President’s social media company, which operates the ‘Truth Social’ app, saw its shares initially plunge as much as 14%.

It has been a volatile stock since its float in March, joining the market as a result of a merger with shell company Digital World Acquisition Corp.

At first, DJT surged over 30% in its first few days of trading but later declined by as much as 50% in the following weeks.

Skeptics have claimed that the share has been ‘trading like a meme stock’, with the stock market valuation often disconnected from the company’s fundamental performance.

Donald Trump owns 70% of the company's shares, although he is restricted by lock-up provisions from selling or borrowing against his shares for six months from the March merger.

In New York, DJT stock lost $2.82 or 5.21% changing hands at around $49.14.