Helena Lyng Blak
1 week ago

Truth Social Shares Tumble as Trump is Found Guilty in ‘Hush Money’ Case

The former president was convicted on Thursday.
21 February 2016. — Photo by actionsports
21 February 2016. — Photo by actionsports

Former President Donald Trump is on track to become the first person in history to have the dubious honor of simultaneously holding the title of former president of the United States and convicted felon.

On Thursday, May 31, Trump was convicted on all 34 felony counts of falsifying business records in his New York ‘Hush Money’ case. 

The trial started almost seven weeks ago, and is the first of four criminal cases against the former president expected to go to trial. It was also the first criminal trial against any former US president.

Trump Media Tumbling

In response to the conviction, Truth Social’s parent company, Trump Media & Technology Group (DJT), took a tumble. In post-market trading, the stock dropped nearly 10% from closing before evening out somewhat and ending the day roughly 6% down since markets’ close. 

The company had a soaring debut on Wall Street in late March, but has ever since proven exceedingly volatile. 

As Trump supporters recover from the sentencing, one might wonder if the DJT shares will rally or if having a felon as its face is enough for the stock to continue its downward trajectory.

The ‘Hush Money’ Case

The case concerns a scheme intended to unlawfully sway the result of the 2016 presidential election. According to the prosecution, Trump and his co-conspirators supposedly suppressed negative press about the then-candidate, which included paying off multiple people who wanted to sell potentially damaging stories to the press about Trump, “repeatedly and fraudulently” falsifying business records in the process.

“It was election fraud, pure and simple,” prosecutor Matthew Colangelo told jurors during his opening statement in late April.

The case saw multiple highly publicized testimonies, including that of Stormy Daniels, an adult film actress whom Trump paid off to prevent from going public with an affair she and the former reality star had had.

It also saw the testimony of former Trump lawyer and prosecution star witness Michael Cohen, whom Trump used to pay off various actors like Daniels, before reimbursing the lawyer later.

Cohen testified that Trump was intimately involved with every aspect of the scheme, contradicting the defense that Trump was not familiar with the ‘hush money’. 

Ultimately, the jury found Trump guilty and the case will now move into its sentencing phase. Judge Juan Merchan has set the sentencing for July 11, after which Trump will have the chance to appeal. Trump can be sentenced to probation or up to four years in state prison on each count. 

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