Taking a hit: Donald Trump owns a 65 per cent stake in the companyDonald Trump yesterday saw more than £400million wiped off his fortune as shares in his social media company fell in the wake of his criminal conviction. New York-listed Trump Media & Technology (TMT) dropped by as much as 9 per cent during choppy trading a day after he was found guilty of falsifying documents to cover up hush money payments to porn star Stormy Daniels. The former president owns a 65 per cent stake in the company, which controls his social media platform, Truth Social. The loss-making company's valuation at £7.2billion – prior to the verdict against Trump – meant it was trading at a valuation of more than 2,000 times its £3.2million revenue in 2023. Art Hogan, chief market strategist at wealth manager B. Riley Wealth, said: 'The volatility is not surprising.

Source: Daily Mail May 31, 2024 20:55 UTC