Former President Donald Trump’s personal net worth spiked dramatically on Monday, just days after he survived an assassination attempt in Pennsylvania.
Trump added roughly $1.2 billion to his net worth on Monday, marking a 21.8% increase, according to Forbes’s real-time tracker. Most of that boost is thanks to investors’ rush to grab a piece of Trump Media & Technology Group (TMTG), the company that owns his social media platform Truth Social.
Trump Media stock surged more than 35% in trading Monday, after reaching gains of more than 50% before the bell. The stock is trading at around $42 per share, bringing it to a market capitalization of $7.98 billion.
The former president is a majority shareholder of Trump Media, holding almost 65% of outstanding common stock in the company as of June 10. By far, he is the largest owner of the company’s shares.
Trump, the presumptive Republican presidential nominee was injured in a shooting at a campaign rally in Butler, Pennsylvania, on Saturday, which is being investigated as an assassination attempt.
Videos of the incident showed Trump being swarmed by Secret Service officers as gunshots rang out, before being ushered offstage with blood gushing from his right ear. The former president is safe after the shooting and plans to announce his pick for vice president Monday at 4:30 p.m. ET during the Republican National Convention in Milwaukee, Wisconsin. He is expected to address delegates on Thursday.
At least three other people were harmed during the shooting. Pennsylvania residents David Dutch and James Copenhaver were injured but are in stable condition, according to state police. Corey Comperatore of Sarver, Pennsylvania, was shot and killed during the assassination attempt.
The gunman, who was identified by authorities as Thomas Matthew Crooks, a 20-year-old Pennsylvania man, was shot dead by the Secret Service. Crooks’ motives have not yet been determined.
Trump Media CEO Devin Nunes called for a “fast, thorough federal investigation,” as well as for additional security resources. “America will overcome this despicable shooting and together, our nation will endure,” Nunes added in a statement Saturday.
Trump Media stock, which is widely considered a meme stock due to its volatile trading activity regardless of the company’s actual prospects, is especially sensitive to any news involving the former president. Late last month, Trump’s performance at the first presidential debate against Biden caused Trump Media stock to spike — gains it began to shed days later. Since debuting on the Nasdaq on March 26, Trump Media stock has plunged more than 40%.