The Verdict and Sentencing
Donald Trump’s conviction on 34 felony counts marks the end of the former president’s historic hush money trial, but the fight over the case is far from over. Now comes the sentencing and the potential for a prison sentence. The big question now is whether Trump could go to prison. Judge Juan M. Merchan has set the sentencing for July 11, just days before Republicans are set to nominate Trump for the 2024 presidential race.
Election Implications
The conviction doesn’t bar Trump from continuing his campaign or becoming president. Trump can still vote for himself in Florida as long as he stays out of prison in New York state. His daughter-in-law, Lara Trump, mentioned that Trump would do virtual rallies if sentenced to home confinement. The impact of Trump’s felony conviction on the election remains uncertain, with strategists suggesting he still stands a strong chance against President Joe Biden
Legal and Political Reactions
Trump’s defense team plans to appeal, citing bias from the judge and other trial rulings. Prosecutors, however, highlighted that key witness Michael Cohen directly implicated Trump in the hush money scheme. Despite the conviction, Trump’s campaign has reported a surge in fundraising, reflecting ongoing support from his base and the Republican Party.
Impact on
Upon the news, DJT (Trump Media) shares fell as much as 15% in extended trading on Thursday after hours. The stock initially recovered in pre-market trading on Friday but tumbled as much as 7% after the market opened. As of Q1 2024, the company has a market cap of about $9 billion, most recently reporting a net loss of $327.6 million on less than $1 million in revenue. The former president owns 65% of the company’s shares.
Market Update Into September 7th: Inflation Data Incoming