Trump Media shares surge 50% after assassination attempt
Shares of Trump Media and Technology Group leaped on Monday in premarket trading after former President Donald Trump survived an assassination attempt.
Shares of former President Donald Trump's media company surged Monday morning after he was injured in an assassination attempt at a Pennsylvania rally over the weekend.
Trump Media & Technology Group's share price spiked 48% in premarket trading, off earlier highs, putting it on track for its single best day since the company debuted in late March.
At one point on Monday, shares were up as much as 71% as traders boosted the odds that Trump will win the election in November after a bullet grazed his ear during a campaign rally in the Pittsburgh area.
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"The election is likely to be a landslide," said Nick Ferres, chief investment officer at Vantage Point Asset Management, according to Reuters. "This probably reduces uncertainty."
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The shooting killed a 50-year-old father of two and left two other men critically wounded. The shooter, 20-year-old Thomas Matthew Crooks, was killed by a Secret Service sniper.
Trump Media, which is the parent company of social media platform Truth Social, has been a volatile stock since it went public on March 26.
The Monday rally sharply lifted the value of Trump's 114.75 million shares. At current prices, those shares are worth about $5.1 billion – a notable increase from Friday, when it was worth about $3.5 billion.
Trump Media CEO Devin Nunes offered his "deepest sympathies" to the families of those killed and wounded.
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"I thank God President Trump survived the assassination attempt and is now safe," he said in a statement. "The situation demands a fast, thorough federal investigation to determine all the circumstances of this cowardly attack and to identify if any additional persons were involved."
Trump is set to formally accept the Republican nomination for president at the convention in Milwaukee this week.