Connect with us

Bussiness

Donald Trump’s stock rises as jury deliberates

Published

on

Shares of Trump Media and Technology Group closed higher Wednesday as the jury began deliberations in the criminal hush money trial of the former president. 

Ticker Security Last Change Change %
DJT TRUMP MEDIA & TECHNOLOGY GROUP CORP 51.12 +1.19 +2.38%

Shares rose 2.38%, even as the broader market closed with losses. The Dow Jones Industrial Average fell 1%, the S&P 500 slipped 0.7% and the Nasdaq Composite 0.6%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 38441.54 -411.32 -1.06%
SP500 S&P 500 5266.95 -39.09 -0.74%
I:COMP NASDAQ COMPOSITE INDEX 16920.580419 -99.30 -0.58%

Jurors were dismissed Wednesday and will return Thursday at 9:30 a.m. ET to continue deliberations, Judge Juan Merchan instructed. 

TRUMP WEIGHS ROLE FOR ELON MUSK IF HE WINS WHITE HOUSE 2024

During day one of deliberations, the jury asked to rehear testimony from former American Media, Inc. CEO David Pecker and Michael Cohen. Merchan said the court was still looking to locate the requested testimony and estimated it would take approximately 30 minutes to read back, according to Fox News.

Manhattan District Attorney Alvin Bragg charged Trump with 34 counts of falsifying business records in the first degree. Trump pleaded not guilty to all counts.

Former President Trump, a Republican presidential candidate, with attorney Todd Blanche, speaks to the press after the 12 jurors in his criminal trial began deliberating at Manhattan Criminal Court in New York City May 29, 2024.  (Curtis Mean/Pool/AFP via Getty Images / Getty Images)

Aside from the jury deliberations, the only news related to the company, which runs social media platform Truth Social, was disclosed in a filing with the Securities and Exchange Commission. 

trump returns to court

Former President Trump returns from a break in his criminal trial at Manhattan Criminal Court May 29, 2024, in New York City. (Curtis Means/Pool/Getty Images / Getty Images)

CEO Deven Nunes wrote a letter to Louisiana Office of Financial Institutions Commissioner Scott Jolly, highlighting what the company believes is stock manipulation of its shares. Nunes is asking Jolly to launch a probe.

“I respectfully request that you immediately open an investigation to determine the nature and extent of any illicit activities — and particularly whether the trading in DJT has violated Louisiana Securities Law,” he wrote. 

Inquiries by FOX Business to the company were not immediately returned. 

TRUMP MEDIA FLAGS NASDAQ ON POSSIBLE MARKET MANIPULATION

This is not the first time Nunes has alleged market manipulation in the shares of DJT. In April, Nunes asked Nasdaq CEO Adena Friedman to investigate similar alleged patterns. 

Shares of Trump Media and Technology have advanced 192% this year despite losing money. 

Trump Media and Technology Group

Earlier this month, the company reported a first-quarter operating loss of over $12 million and revenue of $770,500. Additionally, its retail shareholder base, smaller Main Street investors, numbered 621,000, the company disclosed. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The former president is the largest single shareholder with a 65% stake as tracked by Thomson One. The stake is valued at just under $6 billion. 

Continue Reading