Trump Media & Technology Group (DJT) soared Monday after former President Donald Trump survived an assassination attempt at a rally in Pennsylvania on Saturday.
Shares of Truth Social, the parent company of Trump’s social media platform, jumped 41% to close around $41. Other Trump-linked stocks, such as conservative-leaning video platform Rumble (RUM), saw their shares climb more than 20%.
Predictive bets on Trump’s election victory jumped on several online betting sites following the event.
It was the first time a U.S. president or major party candidate had been shot dead since the 1981 assassination attempt on President Ronald Reagan.
One political expert said the incident may not have a lasting impact on Trump’s presidential chances.
“It was a seismic event in political terms, and yet it didn’t have much of an impact on how people perceive the election,” Terry Haines, founder of political consultancy Pangaea, told Yahoo Finance, saying that while the event will have a “positive short-term impact” on Trump’s campaign, he doesn’t think it has “a long-term perspective.”
“The logic of this doesn’t add up. … It’s a terrible event, but it doesn’t mean that voters are going to be much more likely to vote. [vote for him.]”
DJT shares have had a turbulent time in recent months, swinging between highs and lows.
Last month, stocks soared (and then fell) after current commander in chief Joe Biden stumbled during his first 2024 presidential debate with Trump.
In May, Trump was found guilty on 34 counts of falsifying business records intended to influence the 2016 presidential campaign — a verdict that sent shares down 5% the day after the conviction.
Trump Media, the parent company of Truth Social, went public on the Nasdaq after merge with special purpose acquisition company Digital World Acquisition Corp.
Shares have fallen about 30% since the company’s public debut in late March.
Trump founded Truth Social after being ousted from major social media apps like Facebook (META) and Twitter, the platform now known as X, following the Capitol riots on January 6, 2021. Trump has since been reinstated on those platforms.
In April, a updated regulatory file Trump Media reported sales of just over $4 million while net losses reached nearly $60 million for the full year ended Dec. 31. The company warned that it expected losses to continue amid broader profitability challenges.
In May, the company reported First-quarter results showed a loss of $327 million, mostly related to expenses related to its SPAC deal. The company disclosed that as of April 29, more than 621,000 different shareholders held shares in Trump Media, noting that the “vast majority” of them were retail investors.
Trump maintains a rough position 60% of the shares in DJT. At current levels of around…
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