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Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.

Trump Medias stock was down about 9% in after-hours trading Thursday as news of the verdict emerged.

The stock, which trades under the ticket symbol DJT, has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.

The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower on a single day.

It peaked at nearly $80 in intraday trading on March 26.

For context, the S&P 500 is up almost 10% year to date.

Earlier this month, Trump Media reported that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.

For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp.

DWAC was an example of whats known as a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly, but with much less scrutiny.

Trump Media & Technology fired an auditor this month that federal regulators recentlycharged with massive fraud.

The media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of its quarterly earnings report.

Trump Media had previously cycled through at least two other auditors one that resigned in July 2023, and another that was terminated by its board in March, just as it was rehiring BF Borgers.

Trump was charged with 34 counts of falsifying business records at his company in connection with an alleged scheme to hide potentially embarrassing stories about him during his 2016 Republican presidential election campaign.

The charge, a felony, arose from reimbursements paid tothen-Trump lawyer Michael Cohenafter he made a $130,000 hush money payment toporn actor Stormy Danielsto silence her claims of an extramarital sexual encounter with Trump in 2006.

Trump was accused of misrepresenting Cohens reimbursements as legal expenses to hide that they were tied to a hush money payment.

Trumps defense contended that the Cohen payments were for legitimate legal services.

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Jets’ Scheifele misses G7 because of injury

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Jets' Scheifele misses G7 because of injury

Winnipeg forward Mark Scheifele did not play in Game 7 of the Jets’ first-round Stanley Cup playoff series against the St. Louis Blues on Sunday due to an undisclosed injury, coach Scott Arniel said.

Arniel ruled out Scheifele following the team’s morning skate. He was hurt in Game 5 — playing only 8:05 in the first period before exiting — and then did not travel with the Jets to St. Louis for Game 6. Arniel previously had said Scheifele was a game-time decision for Game 7.

Scheifele, 32, skated in a track suit Saturday, and Arniel told reporters the veteran was feeling better than he had the day before. Scheifele, however, was not able to participate in the Jets’ on-ice session by Sunday, quickly indicating he would not be available for the game.

Winnipeg held a 2-0 lead in the series over St. Louis before the Blues stormed back with a pair of wins to tie it, 2-2. The home team has won each game in the best-of-seven series so far.

The Jets’ challenge in closing out St. Louis only increases without Scheifele. Winnipeg already has been dealing with the uneven play of goaltender Connor Hellebuyck, a significant storyline in the series to date. Hellebuyck was pulled in all three of his starts at St. Louis while giving up a combined 16 goals on 66 shots (.758 SV%). In Game 6, Hellebuyck allowed four goals in only 5 minutes, 23 seconds of the second period.

Hellebuyck was Winnipeg’s backbone during the regular season, earning a Hart Trophy and Vezina Trophy nomination for his impeccable year (.925 SV%, 2.00 GAA).

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Stars expect Robertson, Heiskanen back in semis

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Stars expect Robertson, Heiskanen back in semis

Stars coach Pete DeBoer expects to have leading goal scorer Jason Robertson and standout defenseman Miro Heiskanen available in the Western Conference semifinals after both missed Dallas’ first-round series win over the Colorado Avalanche.

Following their thrilling Game 7 comeback victory over the Avalanche on Saturday night, the Stars await the winner of Sunday night’s Game 7 between the Winnipeg Jets and St. Louis Blues. If the Blues win, the Stars will have home-ice advantage in the best-of-seven series.

“I believe you’re going to see them both play in the second round, but I don’t know if it’s going to be Game 1 or Game 3 or Game 5,” DeBoer said after Saturday’s series clincher. “I consider them both day-to-day now, but there’s still some hurdles. It depends on when we start the series, how much time we have between now and Game 1. We’ll have a little better idea as we get closer.”

Robertson, 25, who posted 80 points (35 goals, 45 assists) in 82 games this season, suffered a lower-body injury in the regular-season finale April 16 and was considered week-to-week at the time.

Heiskanen hasn’t played since injuring his left knee in a Jan. 28 collision with Vegas Golden Knights forward Mark Stone. Initially expected to miss three to four months, the 25-year-old defenseman had surgery Feb. 4 and sat out the final 32 games of the regular season. In 50 games, he collected 25 points (five goals, 20 assists) and averaged 25:10 of ice time, which ranked fifth among NHL blueliners.

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

Logo of the Organization of the Petroleum Exporting Countries (OPEC)

Andrey Rudakov | Bloomberg | Getty Images

U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.

U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.

The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.

The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.

Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.

Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.

“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.

Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.

Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.

Catch up on the latest energy news from CNBC Pro:

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