Trump Media & Technology Group Corp. (NASDAQ:DJT) stocks are trading down Tuesday. The decline in Truth Social’s parent stock comes as a New York judge ruled that Donald Trump will be sentenced on January 10, 2025, just days before he is inaugurated as president of the United States.
The ruling follows repeated delays in the case, in which the court found Trump guilty of 34 counts of falsifying business records, setting a precedent for a former president.
The sentencing, which follows Trump’s May 2024 sentencing, will proceed as planned despite ongoing legal challenges, BBC News reports.
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The case involves a $130,000 secret payment made during the New York Supreme Court trial. Judge Juan Merchan ruled against President-elect Donald Trump’s arguments regarding presidential immunity, citing their repetitive nature.
Judge Juan Merchan denied Trump’s request to stay the proceedings, citing the need to make the case final. Trump faces an absolute release, meaning no jail time, fines or probation, although the conviction will remain on his record.
Trump has the option to appear in court in person or virtually.
Trump Media stock has surged 104% over the past 12 months. Last November, Trump Media announced third quarter revenue of $1.01 million, a decrease of 6% year-on-year.
Advertising on the Truth Social platform accounted for the company’s total revenue. The company reported an EPS loss of 10 cents, compared with a loss of 30 cents.
The stock continued to soar despite Trump transfer its 53% stake in the company to his revocable trust last December. Trump is expected to join the president’s office on January 20.
Price action: DJT stock is down 2.68% at $35.21 at last check Tuesday.
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This item What’s Happening With Trump Media & Technology Group Stock Tuesday? originally appeared on Benzinga.com
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