Trump Media share price rises rapidly after assassination attempt on former president

July 15, 2024

A trader wears a red hat in support of former President Donald Trump while working on the floor of the New York Stock Exchange (NYSE) on Wall Street in New York City on Monday. The stock value of Trump Media Group, the parent company of Truth Social, rose sharply on Monday following the assassination attempt on former President Trump on Saturday in Pennsylvania. Photo by John Angelillo/UPI
An American flag hangs at the entrance to the New York Stock Exchange (NYSE) on Wall Street in New York City on Monday. U.S. stocks rose on Monday on the first day of trading following the assassination attempt on former President Donald Trump over the weekend. Photo by John Angelillo/UPI
Shares of Trump Media & Technology Group, which goes by the ticker symbol “DJT,” rose about 30% to $40 on Monday morning and at one point reached $42, the highest level for Trump stock in more than a month, while remaining well below its peak of $62. Photo by John Angelillo/UPI
After a shooting spree, the stock prices of gun manufacturers rise. The stock prices of gun manufacturers also rose that day: Smith & Wesson Brands rose by 10% and Sturm, Ruger & Co. by about 7% (as of Monday afternoon). Photo by John Angelillo/UPI
In June, shares of Trump Media and Technology Group fell nearly 10%, for a total loss of nearly 40%, after Trump was convicted by a jury of his counterparts in New York on May 30 of 34 counts of falsifying business documents to cover up an affair with a porn star. Photo by John Angelillo/UPI

July 15 (UPI) – The stock value of Trump Media Group, the parent company of Truth Social, jumped on Monday following the assassination attempt on former President Donald Trump in Pennsylvania on Saturday.

Shares of Trump Media & Technology Group (ticker symbol “DJT”) rose about 30% to $40 in early trading Monday, at one point reaching $42, the highest level for Trump stock in more than a month, while remaining well below its peak of $62.

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Meanwhile, the price increase also coincided with a surge in the overall market, with all major stock indices trending higher and the Dow Jones hitting a record high.

After a mass shooting, gun makers’ stock prices typically rise. On this day, gun makers’ stock prices also rose: Smith & Wesson Brands gained 10% and Sturm, Ruger & Co. rose about 7% by Monday afternoon.

The former president and likely Republican nominee is the majority shareholder of Truth Social. The jump in share price came on the same day that U.S. District Judge Aileen Cannon dismissed the classified documents lawsuit against the former president. She ruled that the appointment of special counsel Jack Smith allegedly violated the Appointments Clause of the Constitution, according to Cannon’s opinion.

“The stock serves in some ways as an indicator of sentiment toward Donald Trump himself,” Tyler Richey, an analyst at Sevens Report Research, told ABC News.

Almost immediately after the attack on a campaign rally in Butler, western Pennsylvania on Saturday, Trump Media’s value began to rise in premarket trading.

Richey added, however, that while he thinks Truth Social’s financial situation is “horrific,” it could see a “revival” of “diehard Trump fans and fair-weather supporters who think, ‘This is a life-or-death situation, we’re going all in.'”

In June, shares of Trump Media and Technology Group fell nearly 10%, bringing the total price loss to nearly 40%, after Trump was found guilty by a jury of his counterparts in New York on May 30 on 34 counts of falsifying business documents to cover up an affair with porn actress Stormy Daniels.

Previously, Meta, Facebook’s parent company, recently said it would lift restrictions on Trump’s social media accounts ahead of this week’s Republican National Convention in Milwaukee, Wisconsin.

“But the prospects, although a little doubtful, are still there,” Ritchey said of Truth Social.