Trump personally loses $500M after Truth Social stock takes post-verdict plunge

Late Thursday afternoon, May 30, a jury in Lower Manhattan found former President Donald Trump guilty on 34 criminal counts in Manhattan District Attorney Alvin Bragg Jr.'s hush money/falsified business records case. The verdict marked the first time in the United States' 248-year history that a former president was convicted on criminal charges.

Justice Juan Merchan set July 11 as the sentencing date.

This bombshell is already having a financial impact. Forbes reports that after the verdict came down, shock shares for Trump Media — the parent company of Trump's Social Media platform — "tanked" in value.

READ MORE:'The law finally caught up to him': Experts react to Trump being convicted of 34 felonies

According to Forbes, Trump Media shares "traded under the ticker $DJT, fell 9 percent in after-hours trading by 5:45 p.m."

"That downward swing came after Trump, who owns 65 percent of the company, became a convicted felon," Forbes reports. "The almost 10 percent stock price drop would amount to a $532 million decline in the value of Trump's shares."

Although CEO Elon Musk has restored Trump's @realdonaldtrump account on X, formerly Twitter, Trump has continued to use Truth Social as his primary social media outlet.

READ MORE:Donald Trump guilty on all counts in New York criminal trial

Read Forbes' full report at this link.