Benzinga - by Anusuya Lahiri, Benzinga Editor.
Trump Media & Technology Group Corp (NASDAQ:DJT) stock is trading lower Friday as a multi-week criminal trial against its majority owner and former President Donald Trump has concluded.
According to the Thursday verdict, Trump is guilty of 34 charges of falsified business records ahead of the 2016 presidential election.
The defense noted Trump’s former lawyer, Michael Cohen, and key witness, Stormy Daniels, could help substantiate how Trump deliberately forged business records.
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However, Trump can still run for president of the U.S.
Before Donald Trump was found guilty, wealthy Wall Street figures gathered at the Pierre Hotel, showing strong support for him despite potential criminal convictions.
This gathering highlighted the pragmatic approach in American finance, where many in the business sector, including longtime supporters and recent backers, are ready to support Trump again for the White House, Bloomberg reports.
Their support stems from Trump’s promises to cut taxes and reduce regulations, which contrast with President Joe Biden’s policies.
Key figures like Stephen Schwarzman and Bill Ackman have also indicated backing for Trump, emphasizing the financial sector’s shifting dynamics and priorities as the next election approaches, Bloomberg writes.
In May, Trump Media reported first-quarter revenue of $0.77 million, lagging the analyst estimates of $1.12 million. The company had an EPS loss of $(3.61). Trump Media reported a net loss of ~$328 million. The company shared progress in live TV streaming via its content delivery network.
Meanwhile, recent reports indicated that Trump Media owned the social networking site Truth Social’s U.S. daily visits decreased by over 21% in May compared to April and more than 35% in March.
Trump Media stock has gained over 302% in the last 12 months.
Price Action: DJT shares are trading lower by 1.72% to $50.95 premarket at last check Friday.
Also Read: Trump Will Be World’s 7th Richest Person, Says Peter Schiff, If MAGA Investors Push Newly-Listed DJT Stock To $2K
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