Shares in the media business behind Donald Trump‘s Truth Social have risen 30 per cent in the days following the former President’s attempted assassination. Trump Media and Technology Group (DJT) has added about USD$2bn (AUD$2.96bn) to the valuation of the business behind the X rival.
Just a day after an attempt on Trump’s life at a rally in Pennsylvania that saw him shot in the ear, stocks in the Trump-owned media company have reached the highest level since June 1o, soaring as high as $46.27 on Monday in New York, up from $30.89 on Friday evening. The price later dropped back to $40.58 at closing.
Trump launched Truth Social in 2021 after being banned from X following the January 6 Capitol riot. He was reinstated under Elon Musk’s ownership but has only posted once since his account was reactivated. Trump Media reached a high of more than $79 on 26 March when it started trading in New York and hit a closing low of $22.84 on 16 April as the former president’s criminal hush-money trial began. Trump was later found guilty of the charges.
Following the attempt, Trump was outspoken on the platform, calling for unity. “We will FEAR NOT, but instead remain resilient in our Faith and Defiant in the face of Wickedness. Our love goes out to the other victims and their families,” he said in a post to the platform.
He also spoke openly about considering delaying his trip to the Republican National Convention but “decided that I cannot allow a “shooter,” or potential assassin, to force change to scheduling, or anything else”.
The share increase comes just a week after Trump waged war on Mark Zuckerberg’s Meta in a post on Turth Social, threatening him with jail time should he be elected. The post was in reference to the SAVE Act, a piece of legislation that is being pushed by the Republican Party that will make it illegal for undocumented immigrants to vote in federal elections. Despite numerous studies proving that there is no widespread fraud occurring in the U.S. electoral system, Trump is still pushing for the legislation to be passed, calling the Democrats “cheaters”.
“The Dems can’t win on their policies; the only way they can win is to CHEAT. They do it at every level of government, and they do it well”.
“All I can say is that if I’m elected President, we will pursue Election Fraudsters at levels never seen before, and they will be sent to prison for long periods of time,” Trump wrote. “We already know who you are. DON’T DO IT! ZUCKERBUCKS, be careful!”
“The narrative for the day rests on the ‘Trump trade’, with many investors assuming the weekend events add to the former president being re-elected. “The logic being that the chances of tax cut extensions and higher trade tariffs – leading to even higher US fiscal deficits, even alongside potential growth headwinds and intense political pressure on the Federal Reserve to ease as inflation continues to subside near term,” said Bob Savage, head of markets strategy and insights at investment bank BNY Mellon.