Shares of Trump Media and Technology Group (DJT) rose sharply on Monday after former President Donald Trump survived an assassination attempt at a rally in Pennsylvania on Saturday.
Shares of the parent company of Trump’s social media platform, Truth Social, surged 41% to close at around $41. Other Trump-linked stocks, such as conservative-leaning video platform Rumble (RUM), surged more than 20%.
Trump expected to win the election I jumped on several online betting sites. After the event.
This was the first time a U.S. president or major party candidate had 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 presidency.
“This was a politically seismic event, but it didn’t have a huge impact on how people thought about the election,” Terry Haynes, founder of political consulting firm Pangea, told Yahoo Finance. He added that while the event will have a “short-term positive impact” on Trump’s campaign, he doesn’t think it has “long-term prospects.”
“The logic behind this doesn’t add up… It’s a terrible event but that doesn’t mean voters will be more inclined to vote for him.”
DJT shares have had a turbulent performance in recent months, swinging between highs and lows.
Last month, the stock surged (and then fell) after current commander-in-chief Joe Biden stumbled in his first 2024 presidential debate with Trump.
In May, Trump He was found guilty. A US court has charged Microsoft with falsifying 34 business records in an effort to influence the 2016 presidential campaign – a ruling that sent the company’s shares down 5% the day after the conviction.
Trump Media, the parent company of Truth Social, has gone public on the Nasdaq after to merge With special purpose acquisition company Digital World Acquisition Corp.
The company’s shares have fallen about 30% since its IPO in late March.
Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now known as X, in the wake of the Capitol riots on January 6, 2021. Trump has since been reinstated on those platforms.
In April, Updated organizational file Trump Media Inc. reported sales of more than $4 million, while net losses totaled about $60 million for the fiscal year ending Dec. 31. The company warned that it expects the losses to continue amid greater challenges to profitability.
In May, the company Reported First-quarter results showed a loss of $327 million, much of it related to expenses related to the SPAC deal. The company disclosed that as of April 29, more than 621,000 different shareholders owned shares in Trump Media, noting that the “vast majority” of them were retail investors.
Trump maintains nearly 60% share At Donald Trump, the company’s current stock price is around $41, Trump Media has a market cap of around $5.6 billion, giving the former president a stake worth around $3.3 billion. Immediately after the company went public, Trump’s stake was worth more than $4.5 billion.
In late April, the stock hit a turning point that secured Trump an additional $1.2 billion in cash. However, shareholders are still subject to a six-month lock-up period before they can sell or transfer shares.
Alexandra Channel She is a senior reporter at Yahoo Finance. You can follow her on X @Ali_Canal, LinkedIn, You can email her at alexandra.canal@yahoofinance.com.
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