Shares of Trump Media & Technology Group, the company behind Donald Trump’s Truth Social, rose 33% in intraday trading on Monday, days after an assassination attempt on the former president.
Trump Media stock spiked more than 50% before the bell to kick off the week, and opened up more than 30% at $46.20 per share on Monday. This surge brought its market capitalization to $7.83 billion — an approximately $2 billion jump from Friday’s close.
The former president and 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. A Trump spokesperson told outlets immediately after the shooting that Trump was “fine,” and another confidant later said that Trump was “in great spirits.”
Corey Comperatore, a former fire chief who was in the audience, was killed. Two others were injured but are in stable condition, according to state police. 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 said in a statement Saturday.
President Joe Biden said in an address Sunday that he has directed an independent review of the security at the rally, and has instructed the Secret Service to evaluate security measures for the Republican National Convention, which begins in Milwaukee on Monday.
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. Trump founded theright-wing social media site Truth Social and is a majority shareholder of Trump Media, with almost 65% of outstanding common stock in the company as of June 10.
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 almost 47%.