Shares Of Trump Media Group, Parent Of Truth Social, Soar After Assassination Attempt

Shares of Trump Media & Technology Group are up sharply in morning trade following the assassination attempt on the former president at a rally in Pennsylvania on Saturday.

The stock, the parent company of social media platform Truth Social, has bounced about 40%, changing hands at $42. It merged with a SPAC (special purpose acquisition vehicle) earlier this year and shares have been volatile, reflecting the fortunes of the Republican presidential nominee. They tumbled after he was found guilty in late May of all felony charges in a hush money trial. The sentencing has been delayed and Trumps lawyers are seeking to overturn the verdict after the Supreme Court ruled early this month that he had immunity from prosecution for official acts.

Trump is the company’s majority shareholder. There’s a sense that the shooting might help Trump in the November presidential election. Reuters noted that gun makers, ammunition and prison stocks also rose, as well as crypto companies, as the former president has presented himself as a champion of the sector.

Truth Social was started after Trump was booted from Twitter and other social media platforms in the wake of the January 6 storming of the U.S. Capitol. It has posted underwhelming growth since. Trump’s account on Twitter, now known as X, was restored by Elon Musk after he bought the platform in 2022.

The shooter was identified as Thomas Matthew Crooks, 20, of Bethel Park, PA and authorities are still trying to determine a motive.

Trump said after on Truth Social that a bullet “pierced the upper part of my right ear,” with video showing him grabbing the right side of his head. He then plunged to the ground as Secret Service agents jumped to protect him. The former president then got up and raised a fist, but blood was running from the side of his head. Trump’s campaign said that he is fine.

“I’m not supposed to be here, I’m supposed to be dead,” Trump in an interview yesterday. He’s heading to Milwaukee for the Republican Convention kicking off today.

The FBI have said that Corey Comperatore, a 50-year-old firefighter at the rally was killed and two people critically injured when the shooter opened fire.