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Former President Donald Trump has been found guilty on all 34 charges of falsifying business records in a hush-money trial, just as the 2024 campaign cycle kicks into high gear. A sentencing hearing is scheduled for July 11, only days before the Republican National Convention, but don’t expect any time behind bars. At 77 years old, Trump is a first-time offender and has been convicted of a non-violent crime, while the appeals process is sure to take many months or even years to play out, and won’t be resolved before the election.
Quote: “This was a disgrace. This was a rigged trial by a conflicted judge who was corrupt,” Trump declared following the decision. “We will fight for our Constitution. This is long from over. The real verdict is going to be Nov. 5 by the people. They know what happened, and everyone knows what happened here.”
Wall Street is also beginning to weigh in on the case, with Pershing Square’s (OTCPK:PSHZF) Bill Ackman tweeting that “any objective person would have to agree with @GovRonDeSantis,” who called the situation the “culmination of a legal process that has been bent to the political will of the actors involved.” Other prominent CEOs are also letting their voices be heard. “Indeed, great damage was done today to the public’s faith in the American legal system,” wrote Elon Musk, CEO of Tesla and X. “If a former President can be criminally convicted over such a trivial matter – motivated by politics, rather than justice – then anyone is at risk of a similar fate.”
Tracking movement: Broader market volatility stemming from the verdict is likely to be overstated, but one stock linked to the fortunes of Trump is on the move. Already down following the decision of the jury, Trump Media & Technology Group (NASDAQ:DJT), which owns the social media platform Truth Social, is off 9% in premarket trading to $47.20/share. Note that DJT has been a popular meme stock that has attracted attention without much regard to its fundamentals. Trump owns about 70% of the company’s stock, but interestingly, cannot access any of the capital until after the summer due to lockup provisions.