Trump Media shares slip after second assassination attempt on former president
Shares of Trump Media and Technology Group fell in choppy action on Monday, a day after another would-be assassin made an attempt on the life of former President Trump, who is the majority shareholder.
The stock was down nearly 4% at $17.30 per share in afternoon trade.
The slump comes after shares of Trump Media, which owns Truth Social, surged as much as 30% on Friday and closed up 12% after the former president told the press he would not sell his shares in the firm and that he would not leave the social media platform.
Trump was the victim of a second assassination attempt on Sunday when the Secret Service fired at a gun-toting man outside Trump International Golf Club in West Palm Beach, Florida.
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Authorities arrested Ryan Wesley Routh. He was allegedly armed with a rifle when agents fired at him.
This latest shooting near Trump is nearly two months to the date of the first assassination attempt on the former president's life.
Trump owns about 57% of Trump Media, which also saw its shares slump last week following his televised debate with Democratic rival Vice President Kamala Harris after weeks of steady declines ahead of key dates this month when Trump and other company insiders will be allowed to sell their shares.
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Trump Media saw its value balloon to nearly $10 billion following its stock market listing in March. Trump Media's stock is popular among retail traders and is seen as a speculative bet on his chances of securing a second four-year term as president.
However, since its listing, Trump Media shares have lost most of their value, with losses accelerating in recent weeks after President Biden gave up his re-election bid and Trump lost a lead in opinion polls ahead of the Nov. 5 presidential election.
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According to provisions related to Trump Media's listing, Trump and other insiders will be allowed to sell stock beginning later this month, potentially flooding the market with additional shares.
Fox News' Stephany Price and Reuters contributed to this report.