Shares of Trump Media, a company primarily owned by former U.S. President Donald Trump, opened up more than 50% at the start of trading on Monday, the first trading day following a shooting incident during a Trump rally.
On Monday, Trump Media’s shares traded at $40.01 on the New York Stock Exchange at 9:48 a.m., marking a 29.5% increase from the previous trading day’s close.
Trump Media surged by 49.6%, opening at $46.20 and peaking at $46.27 before subsiding during the morning session. Trump Media owns Trump’s Truth social platform.
The surge in stock price was fueled by the rising possibility of Trump’s return to the White House following the assassination attempt two days ago.
Previously, Trump was shot in the upper part of his ear by an assassin during a rally in Pennsylvania on Saturday. However, he firmly reassured his supporters by showing his fist as he exited the podium.
However, despite Monday’s sharp rise in stock price, it remains at half of its initial public offering peak.
Trump Media, which debuted on the New York Stock Exchange under the ticker symbol DJT (Donald J. Trump) in March, saw its shares skyrocket to $79.09 within two days of being listed. Since then, the stock has mirrored the trend of ‘meme stocks,’ which refers to stocks vulnerable to rumors and speculations spread online by word-of-mouth following Trump’s presidential moves.
Notably, the stock has been on a downward trend since May 30th, following the conviction of Trump in the sexual assault case involving hush money.
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