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Trump Media shares fluctuate after historic conviction

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Trump Media and Technology Group, the parent company of Truth Social, saw its shares fluctuate in early trading after a jury found former President Trump guilty on all 34 counts in a criminal hush money trial. Despite this, Trump Media shares rose more than 7% this week while broader market stocks were marginally higher. Manhattan District Attorney Alvin Bragg charged Trump with falsifying business records in the first degree and he pleaded not guilty. Trump’s company has not yet commented on the developments.

Following the verdict, business leaders, including Elon Musk, criticized the outcome, with Musk calling it a stain on the American legal system. Reports also emerged that Trump is considering a White House role for Musk should he win in the fall. Trump Media CEO Deven Nunes wrote a letter earlier in the week to Louisiana Office of Financial Institutions Commissioner Scott Jolly, alleging stock manipulation of its shares and requesting an investigation into the matter. This is not the first time Nunes has made such claims, as he previously asked Nasdaq CEO Adena Friedman to look into alleged trading patterns.

Despite facing legal issues and allegations of stock manipulation, shares of Trump Media have soared more than 180% this year, even though the company reported a first-quarter operating loss of over $12 million and revenue of $770,500. The company also disclosed a retail shareholder base of 621,000 smaller investors, with the former president holding a 65% stake valued at just under $6 billion. The ongoing controversies surrounding Trump Media and Technology Group have not seemed to deter investors, with the stock continuing to perform well in the market.

In the midst of these legal and market challenges, Trump Media CEO Deven Nunes remains steadfast in his efforts to address alleged wrongdoing and clear the company’s name. The company’s future remains uncertain as it navigates through these turbulent times and faces the possibility of further legal action. The involvement of high-profile figures like Elon Musk adds another layer of complexity to the situation, raising questions about the company’s leadership and potential future partnerships.

As Trump Media and Technology Group continues to make headlines for both its business performance and legal troubles, investors are closely watching the developments to determine the long-term viability of the company. The stock’s performance in the market, despite the challenges it faces, reflects a certain level of confidence among investors in the company’s potential for growth and success. However, the ongoing legal battles and market manipulation allegations create a cloud of uncertainty that hangs over the company’s future. Only time will tell how Trump Media and Technology Group navigates through these challenges and what impact they will have on its operations and shareholder value.

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