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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Following the previous president’s criminal conviction, Trump’s media has taken a hit

image credit: Wikimedia Commons image credit: Wikimedia Commons
image credit: Wikimedia Commons image credit: Wikimedia Commons

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After a jury found former US President Donald Trump guilty of falsifying records to conceal a payment to silence a porn star before the 2016 election, Trump Media & Technology Group shares fell 8% in volatile trading on Friday.
Individual traders were interested in the stock’s higher opening and top trend on Reddit is WallStreetBets. Retail investors comprise most of the company’s 621,000 owners as of April 29.

“A meme stock with no fundamentals. Today’s volatility is expected, according to B. Riley Wealth chief market strategist Art Hogan.
The Republican presidential candidate owns a majority stake in TMTG, the parent company of Truth Social. Donald Trump supporters can bet on his political return at the company.
The 12-member New York jury convicted Trump on all 34 felony counts, making him the first sitting president to be convicted.

The ruling in Trump’s fourth criminal trial, the least serious, had little market impact. If Trump wins November 5, his felony conviction or jail sentence will not affect his presidency.
Trump’s net worth is linked to his ownership in TMTG. He controlled 64.9% of the corporation as of April 26, worth $5.7 billion.

 

 

According to LSEG statistics, TMTG’s present valuation of over $9.2 billion is approximately 2,200 times the loss-making company’s $4.1 million revenue in 2023.
“The valuation of the stock has always been a bit of a mystery. It isn’t making any money and is trading at an inconceivable price,” Hogan added.


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