Shares of Trump Media and Technology Group were up as much as 50% Monday following the assassination attempt on the former president at a rally in Pennsylvania on Saturday.
By midday, the stock was up 30% at $40.28 after soaring 70% in premarket trades.
The stock price of the social media company, which owns Truth Social, has fluctuated wildly based on the political fortunes of the former president. Shares crashed almost 50% after Trump was convicted on May 30 for falsifying business records, but rose again following the first presidential debate, when Biden had a disastrous performance.
Some experts have also compared Trump Media to a meme stock—kept afloat by retail investors who have more of an emotional investment in the company’s success than belief in its underlying core value.
Analysts have said the shooting boosted Trump’s chances of becoming president again. Indeed, Tesla CEO Elon Musk tweeted minutes after the shooting Saturday that he “fully endorsed President Trump,” then in a later post he compared Trump and his toughness to Theodore Roosevelt.
Betting odds that Trump will win the election in November jumped from 60% to 67%, according to the online marketplace PredictIt.
Meanwhile, financial markets are factoring in a greater likelihood of that outcome. Aside from Trump Media’s stock bump, long-term Treasury yields also rose—a bet Trump, once in the White House, would enact inflationary policies, forcing the Federal Reserve to keep rates higher for longer.
“What happened over the weekend probably confirmed what the markets have been pricing for some time,” Eleanor Taylor Jolidon, co-head of Swiss and global equity at UBP, said on Bloomberg TV Monday morning, according to Axios.
In the wake of the attack, Devin Nunes, CEO of Trump Media, issued a statement calling on the federal government to offer Trump additional security and demanding a “thorough federal investigation to determine all the circumstances of this cowardly attack and to identify if any additional persons were involved.”
