Trump Media & Technology Group, the parent company of former President Donald Trump’s trademark “Truth Social,” saw its stock price spike when the New York Stock Exchange opened Monday morning.
The company’s ticker “DJT’ opened at $46.20 Monday, up from the $30.89 it closed at Friday. The company’s market capitalization shot up to $7.9 billion during the spike as well. The stock has now cooled off a bit, sitting at $41.71 as of 3 p.m. Monday. The company’s stock has been criticized as a “meme stock” in the past because of social media-produced volatility.
The former President’s personal fortune also received a major boost through this jump. Trump himself holds 114 million shares, which translates to a $1.2 billion jump in his stake, CBS News reported. He is now worth $6.7 billion.
Trump Media stock soars 33% after assassination attempt on former president https://t.co/XQzZudb1Ys pic.twitter.com/yNgnxwMAjB
— New York Post (@nypost) July 15, 2024
The company was opened for public trading in March following a merger between Digital World Acquisition Corporation and Trump Media & Technology Group. This happened briefly following the nearly $500 million penalty levied against Trump in a civil fraud trial against columnist E. Jean Carroll. (RELATED: Judge Dismisses Trump’s Classified Documents Case Based On Jack Smith’s Unlawful Appointment)
This is the first time that trading has opened since Thomas Matthew Crooks’ alleged attempt to assassinate Trump at a rally in Butler, Pennsylvania. The Republican National Convention (RNC) also kicked off Monday, where Trump selected Republican Ohio Sen. J.D. Vance as his running mate. This assassination attempt led President Joe Biden to call for the lowering of America’s political temperature in an Oval Office address Sunday.
The Economist’s electoral forecasting model currently has Trump leading Biden 310-228 in the electoral college and by 2.1% in the national popular vote. These calculations translate to a 75% chance of victory for the former president.
