Following Trump's Conviction, Shares of Trump Media & Technology Group dropped by 6.5%

After-hours trading on Thursday saw a 6.5% decline in shares of Trump Media & Technology Group (TMTG) due to the conviction of former President Donald Trump by a New York jury for faking documents to conceal a payment made to a porn actress in order to win the 2016 election.

Following the bell, the shares of TMTG, which is mostly owned by Trump and is the parent company of the social networking site Truth Social, traded at $48.44. This was a decline from the company's regular trading hours closing of $51.12, which valued it at $9 billion.

The 12-member jury issued its verdict after two days of deliberation, finding Trump guilty on all 34 charges. Judge Juan Merchan, the presiding court, set the July 11 sentence date, which is just a few days before the Republican National Convention is expected to formally nominate Trump for president on July 15.

The shares of Trump Media have experienced significant volatility since their initial public offering on March 26. The company's shares increased by up to 59% on its Nasdaq debut thanks to a wave of purchases made by investors and supporters of Trump. For the March quarter, the firm brought in $770,500 in sales, but it also recorded an adjusted operating loss of $12.1 million.

On the day of the IPO, the highest closing price for TMTG shares was $79.38, while the lowest.

On the day of the IPO, TMTG shares closed at their peak price of $79.38, and on April 16, they closed at their lowest price of $22.84. The company's already unstable stock performance has been made worse by recent legal developments.

The financial and political ramifications for Trump and TMTG are still unknown as the sentence date and the Republican National Convention get near.