Shares in Trump Media slump after former president convicted in hush money trial

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By MICHELLE CHAPMAN (AP Business Writer)

Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.

A New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election through hush money payments to a porn actor who said the two had sex.

Trump Media’s stock was down about 9% in after-hours trading Thursday as news of the verdict emerged.

The stock, which trades under the ticket symbol “DJT,” has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.

The stock has tripled this year, in the process frequently making double-digit percentage moves either higher or lower on a single day. It peaked at nearly $80 in intraday trading on March 26. For context, the S&P 500 is up almost 10% year to date.

Earlier this month, Trump Media reported that it lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.

For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp. DWAC was an example of what’s known as a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly, but with much less scrutiny.

Trump Media & Technology fired an auditor this month that federal regulators recently charged with “massive fraud.” The media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of its quarterly earnings report.

Trump Media had previously cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated by its board in March, just as it was rehiring BF Borgers.

Trump was charged with 34 counts of falsifying business records at his company in connection with an alleged scheme to hide potentially embarrassing stories about him during his 2016 Republican presidential election campaign.

The charge, a felony, arose from reimbursements paid to then-Trump lawyer Michael Cohen after he made a $130,000 hush money payment to porn actor Stormy Daniels to silence her claims of an extramarital sexual encounter with Trump in 2006. Trump was accused of misrepresenting Cohen’s reimbursements as legal expenses to hide that they were tied to a hush money payment.

Trump’s defense contended that the Cohen payments were for legitimate legal services.

Ruam Mit Thai officially reopens at Fifth and Wabasha streets in downtown St. Paul

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When Mark Khaopraseuth and Nia Rasavong learned their family-run restaurant would be leveled into a parking lot, the husband-and-wife co-owners decided there was one thing they would not do, and that was leave downtown St. Paul.

“It’s where everybody knows us,” said Rasavong, who bought the decades-old Ruam Mit Thai location at Seventh and St. Peter streets from a previous owner in 2018. The Thai and Laotian restaurant, known for its curries, stir fries, chicken satay skewers in peanut sauce and glass-noodle-stuffed chicken wings, was out of the building by the end of last August, not long before the Assumption Church tore down the structure as part of an expansion project.

Ruam Mit offers a variety of traditional Thai and Lao foods, including green papaya salad (front) and laab gai, made with ground chicken (rear) and served with soup and sticky rice, shown here on Nov. 10, 2022. (Jared Kaufman / Pioneer Press)

Ruam Mit Thai, a downtown staple since the late 1980s under three different sets of owners from two families, had been expected to make a quick transition to the old Dunn Brothers spot at Fifth and Wabasha St., which went vacant in the summer of 2020. Instead, after lengthy permitting, construction and supply chain delays, the couple threw open the doors for an official grand opening on Thursday afternoon, some 10 months after departing their previous locale.

St. Paul Mayor Melvin Carter, City Council Member Rebecca Noecker and a who’s who of visibly excited city employees were there to greet them.

“You took your time to put the details into this space,” said Carter, at the microphone, congratulating one of the latest arrivals to a downtown corridor that has struggled with some vacancies along Fifth Street in particular.

The restaurant, which received a $48,000 Neighborhood STAR grant to help with the transition, now operates out of the city-owned Infor/Lawson Commons building, sharing a relatively busy block on one side with the Amsterdam Bar and Hall and on the other with Starbucks and Chipotle.

Employees of Bremer Bank, who office in the same building a few levels up, and the St. Paul Port Authority, who had helped scout locations, also were on hand Wednesday to welcome their newest neighbors. The restaurant’s glassy storefront offers a clear view across Wabasha Street to the Osborn370 building, a former Ecolab office tower that has enjoyed a second life attracting start-ups, nonprofits and other private sector tenants.

Also present was Suthavilay Vongkhamdeng, daughter of Ruam Mit Thai founder Boonhao Suvanphim, who launched the restaurant at its original location in the Colonnade Apartments on St. Peter Street around 1989, only to die three years later, leaving his three daughters to carry on the family’s culinary legacy without him.

In 2018, when it became time to sell, Vongkhamdeng chose to pass the torch to Khaopraseuth, who had befriended her son during their years together at Dakota County Technical College.

“He’s just like my son,” she said on Wednesday, giving Ruam Mit Thai’s co-owner a warm hug.

Said Rasavong, “We’re proud to be part of St. Paul’s diversity in dining.”

The restaurant’s hours are 11 a.m. to 9 p.m. Monday through Thursday, 11 a.m. to 10 p.m. on Friday and Saturday, and 3 p.m. to 9 p.m. on Sunday. See ruammitmn.com for more information.

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US and Britain strike Houthi rebel targets in Yemen after surge in shipping attacks

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By LOLITA C. BALDOR (Associated Press)

WASHINGTON (AP) — The U.S. and Britain struck 13 Houthi targets in several locations in Yemen on Thursday in response to a recent surge in attacks by the Iran-backed militia group on ships in the Red Sea and Gulf of Aden, three U.S. officials said.

According to the officials, American and British fighter jets and U.S. ships hit a wide range of underground facilities, missile launchers, command and control sites, a Houthi vessel and other facilities. The officials spoke on condition of anonymity to provide early details of an ongoing military operation.

Also struck by the U.S. were eight uncrewed aerial vehicles in Houthi-controlled areas of Yemen that were determined to be presenting a threat to American and coalition forces.

The strikes come a day after a U.S. MQ-9 Reaper drone went down in Yemen, and the Houthis released footage they said showed the aircraft being targeted with a surface-to-air missile in a desert region of Yemen’s central Marib province. It marked the third such downing this month alone.

Also earlier this week, missile attacks twice damaged a Marshall Islands-flagged, Greek-owned ship in the Red Sea off the coast of Yemen, with a private security firm saying radio traffic suggested the vessel took on water after being struck. While no group claimed responsibility, suspicion fell on the Houthis.

This is the fifth time that the U.S. and British militaries have conducted a combined operation against the Houthis since Jan. 12. But the U.S. also has been carrying out almost daily strikes to take out Houthi targets, including incoming missiles and drones aimed at ships, as well as weapons that were prepared to launch.

The U.S. F/A-18 fighter jets launched from the USS Dwight D. Eisenhower aircraft carrier in the Red Sea, officials said. Other U.S. warships in the region also participated.

The Houthis in recent months have stepped up attacks on shipping in the Red Sea and the Gulf of Aden, demanding that Israel end the war in Gaza, which has killed more than 36,000 Palestinians. The war began after Hamas-led militants attacked Israel on Oct. 7, killing about 1,200 people and taking some 250 hostage.

The Houthis have launched more than 50 attacks on shipping, seized one vessel and sunk another since November, according to the U.S. Maritime Administration.

Shipping through the Red Sea and Gulf of Aden has declined because of the threat.

U.S. warships, meanwhile, took out a number of missile launchers and drones targeting vessels in the region over the past week.

President Joe Biden and other senior leaders have repeatedly warned that the U.S. won’t tolerate the Houthi attacks against commercial shipping. But the counterattacks haven’t appeared to diminish the Houthis’ campaign against shipping in the region.

Washington County officials looking for missing, vulnerable woman

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The Washington County Sheriff’s Office is asking for help locating a missing, vulnerable 18-year-old woman.

Elizabeth “Lizzie” Burton (Courtesy of the Washington County Sheriff’s Office)

Elizabeth “Lizzie” Burton has been missing since Tuesday when she left her house in Baytown Township in Washington County, according to the Washington County Sheriff’s Office.

Burton is described as being 4-feet-11-inches tall and weighing 260 pounds. She was last seen wearing a black or blue sweater and leggings. She is known to carry a purple or blue backpack and wear pink Nike shoes, officials said.

Anyone with information on her whereabouts is asked to call 651-430-7825; callers can remain anonymous.

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