Former President Donald Trump’s net worth took a significant hit following his guilty verdict in the hush money trial. Convicted on all 34 counts on Thursday, Trump saw a $500 million drop in his wealth as shares of Trump Media, the parent company of Truth Social, fell 9% in after-hours trading by 5:45 PM local time. The company’s stock is traded under the ticker $DJT.
Decline in Trump Media shares
Trump, who owns 65% of Trump Media, experienced a $532 million decline in the value of his shares due to the almost 10% drop. Forbes reported that the stock had closed up 1.1% on Thursday before plummeting after the verdict.
Details of the conviction
Trump was found guilty of falsifying business records to illegally influence the 2016 election through hush money payments to adult film star Stormy Daniels, who claimed they had a sexual encounter a decade ago.