Trump Media & Technology Group shares were up more than 33% in early trading Monday after former President Donald Trump was shot in an assassination attempt during a Pennsylvania rally over the weekend.
Trump posted on Truth Social that he “felt the bullet ripping through [his] skin” as it nicked his ear and caused bleeding. The former president was treated at a local hospital and released later that night. He said the doctor called his survival a “miracle.”
Following the shooting, Trump Media shares, which trade on the Nasdaq under the former president’s initials “DJT,” opened at $46 — up 49% from the previous session’s close.
By late morning, the shares had eased to trade at $40.98.
The Monday morning stock surge comes as analysts suggest the near-assassination may improve Trump’s chances in November.
“The events on Saturday, if they do anything, they strengthen the case for President Donald Trump to win the election in November,” Rob Casey, partner at markets advisory firm Signum Global Advisors, told CNBC. “I think that’s what the markets have reacted to.”
Trump Media shares have been notoriously volatile since the company went public this spring.
The stock has seen steep hikes and sudden drops throughout Trump’s race for re-election.
Shares soared in March, then fell in May during the weeks following Trump’s felony conviction.
Trump Media – the tech company majority owned by the former president – launched social media platform Truth Social soon after Trump was banned from multiple major platforms, notably Twitter in early 2021.
The platform has struggled to grow — and retain — its small user base, according to data reported by CNBC.
The company revealed a $300 million first-quarter net loss in May.
Trump Media CEO Devin Nunes offered his sympathies to the family of the rally attendee who was killed and to those who were wounded during the shooting.
“I thank God President Trump survived the assassination attempt and is now safe,” Nunes said in a statement. “America will overcome this despicable shooting and together, our nation will endure.”
The CEO called for a federal investigation into the attack and for “the federal government to provide any security resources requested by President Trump to guarantee his safety.”
National polls still show Trump and President Biden in a close race, though it has yet to be seen how the assassination attempt will affect new poll outcomes.
The shooting also halted talk about Biden bowing out of the race – though the incumbent has faced strong calls from fellow party leaders to make room for a new Dem candidate after a disastrous debate performance.
Some Hollywood figures and major Dem donors have pulled their funding and joined the push for a new candidate.