Shares of Trump Media & Technology Group (DJT) soared Monday after former President Donald Trump survived an assassination attempt at a Pennsylvania rally on Saturday.
Shares of the parent company of Trump’s social media platform, TruthSocial, rose 41% to close around $41. Other stocks linked to Trump, such as conservative-leaning video platform Rumble (RUM), rose more than 20%.
Betting that Trump will win the election I jumped on some online gambling sites. After the event.
It will be the first time a U.S. president or major party candidate has been shot since the 1981 assassination attempt on President Ronald Reagan.
One political expert said the incident may not have a lasting impact on Trump’s chances of winning the election.
“This was a big deal politically, but it didn’t have much of an impact on how people thought about the election,” Terry Haines, founder of policy advisory firm Pangaea, told Yahoo Finance, adding that he thought the incident would have a “short-term positive impact” on the Trump campaign but didn’t have “long-term implications.”
“This logic doesn’t add up. … This is a terrible event, but it doesn’t make voters more likely to vote. [vote for him.]”
DJT’s stock price has been fluctuating between highs and lows in recent months.
Last month, stocks soared (and then fell) after current President Joe Biden stumbled with Trump in the first 2024 presidential debate.
Trump in May Convicted He was convicted on 34 counts of falsifying business records in an attempt to influence the 2016 presidential election, and the day after his conviction, his stock price fell 5%.
Truth Social’s parent company, Trump Media, merger Partnered with Digital World Acquisition Corp., a special purpose acquisition company
The company’s shares have fallen about 30% since its IPO at the end of March.
Trump founded Truth Social after he was banned from major social media apps, including Facebook (META) and Twitter (the platform now known as X), following the Jan. 6, 2021, attack on the Capitol. Trump has since returned to those platforms.
In April, Regulatory filing updates Trump Media reported revenue of just over $4 million and a net loss of nearly $60 million for the fiscal year ended Dec. 31. The company warned that it expects losses to continue amid deepening profitability issues.
In May, the company report The company revealed a $327 million loss in its first quarter, most of which was due to costs related to the SPAC deal. The company said that as of April 29, more than 621,000 shareholders held shares in Trump Media, the “vast majority” of whom were individual investors.
Trump said about 60% Equity DJT stock. At its current price of about $41 per share, Trump Media’s market capitalization is about $5.6 billion. The former president’s stake is worth about $3.3 billion. Shortly after the company went public, Trump’s stake was worth just over $4.5 billion.
The company’s stock price hit a milestone in late April, and President Trump secured an additional $1.2 billion in cash, but shareholders must abide by a six-month lockup period before they can sell or transfer their shares.
Alexandra Canal She is a senior reporter at Yahoo Finance. Follow her on X translator, LinkedIn, Please email me at alexandra.canal@yahoofinance.com.
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