Shares in former US president Donald Trump’s media company, Trump Media & Technology Group, skyrocketed after an attempt was made on his life at a rally in Pennsylvania.
The former president’s NASDAQ-listed company, traded as DJT, jumped from US$31.25 at the close of the stock market on Friday to US$46.17 on Monday morning – an increase of more than 47 per cent.
Its share price settled over the course of the day, coming back down to $40.58 at closing which put it about 30 per cent above its value on Friday.
The whopping share price jump was a windfall for Trump himself, who owns 60 per cent of the US$7.71 billion company.
This increased the value of the former president’s stake by about US$1b since close of business Friday and the end of the day on Monday.
A market analyst from CommSec Laura Besarati said the rise in share price could be indicative of a Trump victory.
Asked by Sky News host Ed Boyd whether investors thought Mr Trump could win this upcoming election, Ms Besarati agreed.
“They certainly do,” she told Business Now.
“Last night was the first session of US trade following Trump’s attack and it’s clear that Trump is continuing to gain momentum.”
While there was a clear jump in the stock market for the former president, the CommSec analyst felt the boost could translate to the polls, particularly after US President Joe Biden’s poor debate performance in late June.
“The probability on him winning the election has been boosted,” Ms Besarati said.
“Of course, the bets on Trump winning the election since the attack have been heightened after President Joe Biden’s poor performance in the recent debate late last month, but the expectation that Trump could have a win locked in has only grown.”
Ms Besarati added a Trump victory could mean tax cuts, higher tariffs and looser regulations.
The former president’s media company was launched in 2021 after he was kicked off most social media platforms following the January 6 Capitol riot, leading him to start Truth Social – the sole product of the company.
Since going public in October 2021, the share price has jumped wildly, hitting a high of US$97.54 in March 2022 and stagnating in the mid to high teens throughout most of 2023.
The share price jump comes after an attempt was made on Trump’s life over the weekend when 20-year-old Thomas Matthew Crooks opened fire at the former president during a rally in Butler, Pennsylvania.
While a bullet nicked Trump’s right ear, one bystander was killed and two were critically injured in the attack.
The Federal Bureau of Investigation is now working to understand how and why the shooting occurred.
Trump today appeared at the 2024 Republican National Convention with a bandage covering his right ear where he was formally announced as the Republican nominee for president.