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Hundreds of millions wiped from Trump fortune in wake of conviction

Donald Trump’s paper fortune dropped by hundreds of millions of dollars on Friday as shares in his media firm came under pressure in the wake of his conviction in his New York hush-money trial.

Trump Media & Technology Group’s stock finished the day down 5.3% on Wall Street, denting the value of the former president’s vast stake in the business. By the time markets closed for the day, Trump’s stake stood at about $5.6bn. The previous day, it was closer to $6bn.

An extraordinary market debut in March by Trump Media, the owner of Truth Social, bolstered Trump’s paper fortune by billions of dollars – and propelled him, for the first time, into the ranks of the world’s 500 wealthiest people – as he grapples with hefty legal costs.

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