Shares in Trump Media slump after former president convicted in hush money trial

Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped before the opening bell Friday after former President Donald Trump was convicted in his hush money trial.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.

Donald Trump’s convictionon 34 felony counts marks the end of his historic hush money trial. But the fight is far from over. Here’s what to know.

• What next? Trump plans to hold a news conference at 11 a.m. ET. Follow the AP’s live coverage.
• When is the sentencing? July 11, just days before Republicans are set to pick Trump as the 2024 nominee.
• Can Trump vote? He may be convicted and reside in Florida, butcan still vote as long as he stays out of prison in New York state.
• Will this impact the election? It’s unclear whether Trump’s once-imaginable status as a person convicted of a felony will have any impact at all on voters.

Shares fell 9% immediately Thursday in after-hours trading as news of the verdict emerged, and were down 5% early Friday.

The stock, which trades under the ticker symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.

The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower on a single day. It peaked at nearly $80 in intraday trading on March 26. For context, the S&P 500 is up almost 10% year to date.

Meme stocks, including AMC Entertainment, and GameStop fell as well