The wealth of former US President Donald Trump jumped by about $1.5 billion within hours, after the shares of the Trump Media Group, which owns the “Truth Social” platform, recorded an increase of more than 30% in stock market trading, in the first reaction to the assassination attempt.
Trump Media is valued at $7.5 billion, and Trump owns 65% of it. The stock's gains at the beginning of the session had reached more than 50%. Trump was shot and treated at a local hospital, but was released late Saturday after an assassination attempt at a rally in Pennsylvania on Saturday.
The share price jumped as high as $46.27 on Monday in New York, up from $30.89 on Friday evening. The price then dropped to $40.58 at closing.
Analysts indicated that the assassination attempt may increase the possibility of Trump winning the November elections.
Trump Media witnessed volatile trading throughout the election race. The stock fell nearly 50% in the three weeks following the felony conviction of Trump, who is also the company's majority shareholder.
This comes as Truth Social struggles to grow its small user base.
In its first-quarter earnings report, filed in May, Trump Media reported a net loss of $327.6 million and total revenue of $770,500. The company warned investors last month that if Trump uses social media platforms other than Truth Social, it could have a material adverse impact on TMTG's business and operations.
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