On July 28, 2024, former U.S. President and Republican presidential candidate Donald Trump spoke at a campaign rally at the historic Greenbrier Farm in Chesapeake, Virginia.
Jim Watson | AFP | Getty Images
Trump Media Technology Group Shares surged 50% in premarket trading on Monday following an assassination attempt on former President Donald Trump at a rally in Pennsylvania on Saturday.
Trump was grazed by a bullet and was treated at a local hospital but was released Saturday night after the shooting.
Shares of Trump Media were up 50% in premarket trading at 6:29 a.m. ET, up 50% from earlier highs.
Trump Media CEO Devin Nunes expressed his “deepest sympathies” to those injured in the Pennsylvania attack and to the families of those killed in the incident.
“This situation requires a swift and thorough federal investigation to determine all the circumstances of this cowardly attack and to determine whether anyone else was involved,” Nunes said in a statement Saturday.
“I also call on the federal government to provide whatever security resources President Trump requests to ensure his safety,” he added.
Analysts believe the assassination may make Trump more likely to win the November election.
“Saturday’s events, if anything, strengthen the case for President Donald Trump to win the November election,” Rob Casey, partner at Signum Global Advisors, told CNBC. “I think that’s what the market is going to do tonight. Reaction.
Trump Media, the parent company of social media platform Truth Social, has seen volatility throughout the election. The stock plunged nearly 50% in three weeks after Trump, who is also the company’s majority shareholder, was convicted of a felony.
This comes as Truth Social works to expand its small user base.
In its first-quarter financial report filed in May, Trump Media reported a net loss of $327.6 million and total revenue of $770,000. The company warned investors last month that if Trump used social media platforms other than Truth Social, it “could have a material adverse effect on TMTG’s business and/or operations.”
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