Donald Trump Loses $314 Million as Truth Social Stock Plunges

Shares of Trump Media & Technology Group Corp. (TMTG), trading under the moniker "DJT, plunged on Friday, a day after the company's majority shareholder former president Donald Trump was found guilty of falsifying business records.

The company's share price declined 5.30 percent by close of trading on Friday which amounted to a $314 million loss in value for Trump's shares.

Some analysts suggested that the conviction may have impacted the performance of TMTG's shares on Friday.

Matthew Tuttle, founder and CEO of Tuttle Capital Management, told Newsweek that the verdict was "definitely" impacting the stock.

"It trades partially based on any Trump news," Tuttle said. He later said Trump lost "about $314,415,000" when asked how much Trump lost in value from the shares drop on Friday.