Shares in Donald Trump’s social media company, Truth Social, surged by up to 70% in pre-market trading after he survived an assassination attempt on Saturday. The former president was grazed by a bullet on his ear during an election rally, moments before the gunman was neutralized by a Secret Service sniper.
In a statement following the attack, Mr. Trump expressed his disbelief, stating, “I’m supposed to be dead, I’m not supposed to be here.”
Market analysts believe the incident may have bolstered Mr. Trump’s chances of winning the upcoming November election, driving the surge in shares of Trump Media, which owns Truth Social. Despite the early spike, shares remained up by around 50% in pre-market trade, where stocks are bought and sold before the official market opening.
Cary Leahey, a Wall Street analyst, commented, “The assassination attempt is seen by some traders as increasing Trump’s likelihood of winning the election. This surge is more about election speculation than the company’s business performance. Although the firm is struggling to grow, some traders believe its value increases with Trump’s election chances. Conversely, if Biden were to drop out, we could see Truth Social shares decline.”
Trump Media and Technology Group, the parent company of Truth Social, was founded by Mr. Trump in 2021 following his 2020 election loss. After being banned from major social media platforms like Twitter and Facebook for allegedly inciting violence during the Capitol Hill riots, Mr. Trump created his own platform. Truth Social, similar in format to Twitter (now known as X), boasts around 2 million active users, although figures vary by source. Mr. Trump remains the majority shareholder.
Since its Nasdaq debut in March, Trump Media’s shares have been highly volatile, often influenced by events in Mr. Trump’s life. In a recent interview, Mr. Trump described his survival as being due to “luck or by God,” recounting how a fortuitous head turn saved his life.
The attack resulted in the death of one audience member and serious injuries to two others. The gunman has been identified as Thomas Matthew Crooks.
