The shares of Trump Media & Technology Group (TMTG) surged by 67 per cent in the pre-market trading, reaching around USD 50 following the weekend filled drama as the former US president, Donald Trump was shot in the ear at a rally in Pennsylvania on Sunday.
This sudden surge in the stock was experienced after the company had a significant 37 per cent slump since the end of May and this recent surge has had also put TMTG on course to erase those losses entirely.
shares of Trump Media & Technology Group (TMTG) - Screengrab |
Donald Trump Assassination Attempt
The former US President Donald Trump was shot in the ear at a rally in Pennsylvania on Sunday by a 20 year shooter Thomas Matthew Crooks. Despite the injury, Trump quickly reassured his supporters by pumping his fist and continuing with his campaign.
former US President Donald Trump was shot in the ear at a rally in Pennsylvania on Sunday by a 20 year shooter Thomas Matthew Crooks |
This incident, coupled with rising odds of a Trump victory, led to a significant rise in the shares TMTG.
Trump Media’s Market
Trump Media which has seen a stock surge by 75 per cent so far this year, holds a majority stake in the social media platform Truth Social.
The platform was launched after Trump was banned from major social media sites following the Capitol riot in 2021.
Donald Trump Rally Firing: Photo Shows Bullet Sliding Inches Away From Ex-President's Face During Attack In Pennsylvania |
The remaining shares of TMTG are held by retail investors.
Broader Market Reactions
Beyond TMTG, the pre-market rally also had affected other stocks that could or might get benefit from a Trump presidency.
The shares of crypto exchange Coinbase Global and bitcoin miners Riot Platforms Inc and Marathon Digital gained between 6 per cent and 7 per cent respectively.
Prison stocks Geo Group and CoreCivic surged about 7 per cent each and the shares of gun maker Smith & Wesson Brands saw a rise of 2.7 per cent.
Software developer Phunware, known for building a phone app for Trump’s 2020 re-election campaign, surged 50 per cent. On the other hand, the video-sharing platform Rumble, popular among conservatives, added 18 per cent.
Screengrab of Software developer Phunware |
