Shares of Trump Media & Technology Group experienced significant volatility following the conviction of former U.S. President Donald Trump on 34 felony counts of falsifying business records. The stock initially dropped by 8% in premarket trading on Friday, with further declines of 9% and 5% noted throughout the day. The conviction relates to Trump's efforts to cover up a payment to silence a porn star ahead of the 2016 election. The stock, which is a major component of Trump's wealth, saw wild fluctuations between gains and losses as the market reacted to the news. Despite brief recoveries, the stock closed lower on Friday. Trump's net worth was impacted by $530 million. The stock took a dive on Thursday following the conviction.