Despite former President Trump's historic conviction, shareholders of his social media company are vowing to stay with him no matter what.
Despite former President Trump's historic conviction, shareholders of his social media company are vowing to stay with him no matter what.When a New York jury convicted former President Trump, supporter Justin Peedin in Florida was outraged.
And now, at a time when many investors would normally flee because of the former president's conviction, Trump Media shareholders are vowing to double down over their anger about a conviction they view as a miscarriage of justice.At least on Friday, their push to pump up the stock didn't pan out. After initially opening up about 15%, shares ended the day down 5%.
Despite taking a hit on Friday, Trump’s stake was still valued at $5.6 billion – a windfall that earlier this year placed him in the Bloomberg Billionaires Index for the first time. And Peedin believes that if the former president returns to the White House in November, Truth Social would become an incredibly valuable company.
Most importantly, professional investors warn that the company’s fortunes are tied to former President Trump, who’s due to be sentenced in July after being convicted of the 34 felony counts.
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