After Donald Trump was convicted by a New York court Thursday on all 34 counts of felonies, Trump Media & Technology Group witnessed a surge in their earnings Friday in the premarket session.
In mid-April, shares of Trump’s company stumbled as it decided to offer more shares to keep the operations of the company afloat.
The company offered 21.1 million additional shares to investors. The former US president has over 110 million shares of his company.
Recently the stock prices of the company were high after the merger with a blank cheque company. The peak was seen only on March 26. Since then, the company lost over 60% of its worth till mid-April.
But in Friday’s session, the losses were erased and the shares are set to commence the exchange with a 6% higher price at $55, according to CNN.
Trump’s company which owns his social media platform Truth Social, saw a decline of 15% Thursday evening after the news broke out of the 77-year-old’s conviction in New York City.
But the trend was reversed. Currently, Trump is the dominant stakeholder of the company with 114.75 million shares. Their paper value is $6.3 billion.
Source link
