Shares of Trump Media & Technology Group swung wildly at the opening bell Friday, falling rapidly after it appeared that the owner of social networking site Truth Social , would bounce back despite the conviction of the former President Donald Trump 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. After rising more than 2% at the opening of trade Friday shares slid 7%, about the levels they were trading immediately after the conviction was announced on off-hours trading Thursday evening.
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. In a filing with the U.S.
Securities & Exchange Commission before going public, Trump Media warned investors of the potential pitfalls faced by the former president and the adverse affect it might have on the stock. “President Donald J. Trump is the subject of numerous legal proceedings, the scope .
