Trump Media stock falls after Donald Trump's conviction
Reuters Videos
STORY: Shares of Trump Media & Technology Group fell as much as 9% in choppy trading on Friday, after a jury found former U.S. president Donald Trump guilty of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 election. The stock actually opened higher and was among the top trends on Reddit's discussion forum WallStreetBets, indicating strong interest from individual traders. A majority of Trump Media's shareholders are retail investors, as of April 29, the company has said. One market strategist said the stock's volatility on Friday was "not surprising", calling it "a meme stock that has no fundamentals", with the company operating at a loss. Trump's net worth is tied to his stake in the company, the parent of his social media platform Truth Social. The Republican presidential candidate for this year's election owned about 65% of Trump Media as of April 26, which is worth $5.7 billion. Its current valuation of approximately $9.2 billion is equivalent to about 2,200 times the company's $4.1 million revenue in 2023, according to LSEG data. Market strategists say the valuation has always been a bit of a question mark.
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