Donald Trump Convicted: His Empire Falls on the Stock Market, but His Supporters Cover Him with Millions.

Donald Trump Convicted: His Empire Falls on the Stock Market, but His Supporters Cover Him with Millions

The stock of Trump Media & Technology Group ended the day down on Wall Street on Friday, with a loss of 400 million dollars in net value.

Free fall for Trump Media & Technology Group. Donald Trump’s empire experienced a decline on Wall Street following his criminal conviction on Thursday in New York. The billionaire was found guilty of 34 counts of falsifying accounting records intended to hide a payment made to former porn actress Stormy Daniels. As a result, Trump Media & Technology Group’s stock ended the day down 5.3% on Wall Street on Friday, representing a loss of more than 400 million dollars in net value, according to The Guardian.

Trump Media’s entry into the stock market last March had propelled Donald Trump into the very exclusive group of the world’s 500 richest people. His fortune then increased by several billion dollars. However, it is important to note that its price on NASDAQ (the second-largest stock market in the United States) is very volatile and varies according to the billionaire’s statements on social media. In particular, on Truth Social, the social network he himself created and which is owned by… Trump Media & Technology Group.

In fact, the market value of his company depends on the discussions and enthusiasm generated on Truth Social, which encourage Trump’s fans and small investors to buy shares (the so-called “meme stocks”) without knowing much about financial markets. And it greatly benefits the Trump empire, as after the verdict, some supporters have called to buy shares.

A Consolation Gain

Likewise, his campaign team received 50 million dollars in donations. “A few minutes after the announcement of the verdict, our digital fundraising system was overwhelmed by the support,” said Chris LaCivita and Susie Wiles, the billionaire’s presidential campaign advisors, in a statement. They added: “Crooked Joe and the Democrats, with their witch hunt, have awakened the MAGA (Make America Great Again) movement like never before.”

CAMPAIGN DISPATCH. After 24 days of trial, 22 witnesses, and 9 hours and 30 minutes of deliberations, the jurors found the former president guilty of 34 counts. A historic moment.

It is 4:24 AM, and the line-sitters, huddled under tents, sprawled on the metal benches, are still sleeping. It is raining in Collect Pond Park, Manhattan. They are paid 50 dollars an hour to hold a place for the major media who will enter, in four hours, the building across the street. The New York criminal court is preparing for an exceptional day, the 24th since April 15, the start of Donald Trump’s trial for falsifying accounting records to influence the 2016 election.

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Donald Trump’s campaign team announced on Friday that they had raised more than 50 million dollars (46 million euros) in online donations within twenty-four hours of his criminal conviction, highlighting that the verdict had galvanized his support “like never before.”

“That’s more than 2 million dollars per hour,” wrote his campaign team in a statement. “A few minutes after the announcement of the verdict, our digital fundraising system was overwhelmed by the support, and despite temporary delays due to online traffic, President Trump raised 34.8 million dollars through small donations,” his campaign advisors Chris LaCivita and Susie Wiles stated in a Friday morning statement.

By Friday evening, the figure had risen to 52.8 million dollars, an astonishing sum.

Just the morning’s figure represents nearly double the best fundraising day for the campaign on WinRed, the Republican Party’s official donation platform. 30% of these donations were reportedly made by new donors.

“Crooked Joe and the Democrats, with their witch hunt, have awakened the MAGA [“Make America Great Again”, Donald Trump’s slogan] movement like never before,” the campaign advisors celebrated again.

Donald Trump has a habit of turning scandals to his advantage. Moments after the announcement of his guilt, his campaign website began redirecting visitors to a fundraising page, declaring that he was a “political prisoner.” The page was blocked for nearly an hour due to heavy traffic.

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