CNN  —  Shares of Truth Social owner Trump Media & Technology Group erased their losses and moved sharply higher in premarket trading Friday morning following the conviction of former President Donald Trump. Trump Media shares initially plummeted as much as 15% Thursday evening on news of the conviction in New York. Those losses were trimmed by early Friday and have now reversed. Trump Media shares are on track to open the day 6% higher at $55. At those levels, Trump’s dominant stake of 114.75 million shares is valued at $6.3 billion, on paper. Trump Media has been extremely volatile since going public in late March, with some analysts comparing it to a meme stock. This is a developing story and will be updated.