Shares in Donald Trump’s media company have surged by 50% in pre-market trading following the attempted assassination of the former US president. This dramatic increase potentially adds nearly $3 billion (£2.3 billion) to the valuation of the company behind Truth Social, a rival to Twitter. Trump Media and Technology Group, which trades under the ticker DJT, has experienced significant volatility since its debut on March 26.
Following the attack on Saturday night, traders are pushing the share price towards levels not seen since May, under the belief that Trump’s chances of winning the upcoming presidential election in November have improved. At one point on Monday, the company’s shares were up by 71% in pre-market trading, a period of buying and selling shares before the official opening of stock markets.
According to Google Finance data, the shares were trading at a 50% gain on Friday’s closing price of $30.89 at the time of publication. If this increase is replicated when trading opens, the price gain would add about $3 billion to the company’s valuation. Trump Media is 60% owned by the former president, meaning the value of his stake, worth about $3.8 billion on Friday, could rise by as much as $2 billion.
Neil Wilson, the chief analyst at brokerage company Finalto, stated that the share price move was a “bet on Trump” and the perception that the shooting had improved his chances of regaining the White House in November. He explained, “DJT is moving on Trump’s improved odds of winning. But it’s also because you think more people will be drawn to the platform to access a re-elected Trump.”
Trump launched Truth Social after being banned from mainstream social media in the wake of the January 6 Capitol riots. Despite being reinstated on platforms like Facebook, Instagram, and X, Truth Social remains central to his social media strategy.
Trump Media reached a high of more than $79 on March 26 when it started trading in New York, before hitting a closing low of $22.84 on April 16 as Trump’s criminal hush-money trial began, in which he was later found guilty of the charges.
Additionally, Bitcoin, a key cryptocurrency, has also rallied since Saturday’s shooting. The price of one bitcoin rose above $63,000 on Monday, up 9% over the day, according to data provider Refinitiv. This increase reflects a belief among some crypto investors that a re-elected Trump would support the digital asset market. Rania Gule, a market analyst at XS.com, suggested that “If re-elected, Trump may seek less stringent regulatory policies towards cryptocurrencies, potentially improving regulatory conditions and encouraging more investments.”
