Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.
The stock, which trades under the ticker symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time. For the three-month period that ended March 31, the company posted a loss of $327.6-million, which it said included $311-million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp. DWAC was an example of what’s known as a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly, but with much less scrutiny.