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On May 30, 2024, a New York jury found Donald Trump guilty on all 34 felony counts of falsifying business records. This historic verdict marks the first time a former U.S. president has been convicted of a crime. The charges relate to a hush money payment made by Trump’s former lawyer, Michael Cohen, to adult film star Stormy Daniels during the final weeks of the 2016 presidential election.
The jury deliberated for 9½ hours before reaching their decision. Trump is scheduled to be sentenced on July 11, just four days before the Republican National Convention. While he faces penalties ranging from fines to four years in prison for each count, it’s expected that the sentences will be concurrent rather than consecutive.
In response to the verdict, Trump criticized the trial as a “rigged trial by a conflicted judge.” His attorney made a motion for acquittal, which was denied by the judge. Manhattan District Attorney Alvin Bragg refrained from commenting on the type of sentence he might seek, emphasizing that they followed the facts and the law without fear or favor.
Despite the conviction, legal experts believe that Trump will likely remain out of jail while he appeals the verdict. This process could take months or more, allowing him to continue his political activities. Trump has already started fundraising off the news, portraying himself as a “political prisoner” and urging his followers to contribute.
The stock price of Truth Social, Trump’s social media platform, experienced turbulent swings in the aftermath of his conviction in a New York court. Immediate Impact: After the verdict, the stock price of Truth Social plummeted roughly 15% to around $47. However, it recovered in after-hours trading, rallying above its pre-verdict level to approximately $52. As of early trading on Friday, the price was down about 5%.
It is still uncertain how former president Trump will be treated by the system of justice after this unprecedented conviction as he will be subjected to legal scrutiny during and after his campaigning for the presidential election entailing various possible legal consequences and potential sentence. So far, it was determined that such felony offenses would be punishable by a fine, probation and/or 4 years of prison.
This development has significant implications for Trump’s political future, especially as he remains the presumptive Republican nominee for president. The case has captured national attention and will undoubtedly shape the upcoming political landscape.
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