Trump Media shares tumble after Donald Trump found guilty on 34 felony counts

Trump Media shares closed down more than 5% on Friday after the company's largest shareholder, former President Donald Trump, was found guilty of all 34 felony counts in his New York criminal trial.
The stock slid as much as 15% Thursday evening after the verdict was read in the first criminal trial of a former U.S. president.

Trump Media shares fell as much as 15% in extended trading on Thursday and closed down Friday after a New York jury found former President Donald Trump guilty on all 34 felony counts of falsifying business records in his criminal hush money trial.

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After initially recovering in pre-market trading, the stock — which trades under the ticker "DJT" — continued dropping on Friday, closing the day down more than 5%.

The former president owns 65% of the company's shares.

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Trump Media, which owns the Truth Social app, merged with shell company Digital World Acquisition Corp. in late March. The stock surged and then plunged.

The company has a market cap of about $9 billion, based almost entirely on Trump's brand and his massive personal following. Trump Media reported a net loss in the first quarter of $327.6 million on less than $1 million in revenue.