Shares of Trump Media & Technology Group rose more than 33% in early trading on Monday following the assassination attempt on former President Donald Trump during a rally in Pennsylvania over the weekend.
“I felt the bullets going through my body,” Trump wrote on TruthSocial. [his] The former president said the blow “hit his skin,” leaving his ear bruised and bleeding. He was treated at a local hospital and released later that evening. He said doctors called his survival a “miracle.”
After the shooting, shares of Trump Media, which trades on the Nasdaq under the former president’s initials “DJT,” opened at $46, up 49% from the previous day’s closing price.
By late morning, the stock had fallen, trading at $40.98.
The stock market surge on Monday morning came after analysts suggested the assassination attempt could improve Trump’s chances of winning the presidential election in November.
“If Saturday’s events have any effect, they strengthen the case that President Donald Trump will win the election in November.” The CEO of market advisory firm Signum Global Advisors told CNBC.“I think the market responded to that.”
Trump Media’s stock price has been notoriously volatile since the company went public this spring.
Stock prices have seen steep rises and falls throughout President Trump’s reelection fight.
Stocks surged in March but fell in May in the weeks following Trump’s felony conviction.
Trump Media, a technology company majority-owned by the former president, launched the social media platform Truth Social shortly after President Trump was banned from several major platforms, including Twitter, in early 2021.
According to data reported by CNBC, the platform has struggled to grow and retain its small user base.
The company in May disclosed a first-quarter net loss of $300 million.
Trump Media CEO Devin Nunes offered condolences to the families of the rally attendees who died and those injured in the shooting.
“I thank God that President Trump survived the assassination attempt and is now safe,” Nunes said in a statement. “America will get through this despicable shooting and, together, we will survive as a nation.”
The CEO called for a federal investigation into the attack and for the federal government to “provide all security resources that we request to ensure President Trump’s safety.”
National polls still show a close race between President Trump and President Biden, but it remains to be seen how the assassination attempt will affect the results of the new polls.
The shooting also halted talk that Biden would drop out of the race, although he has faced strong urging from other party leaders to give way to a new Democratic candidate after his disastrous debate performance.
Some Hollywood celebrities and major Democratic donors have withdrawn their financial support and joined the push for a new candidate.
