Trump Media and crypto stocks started off on fire this morning, soaring in premarket trading after an assassination attempt on Donald Trump.
Yes, even after a couple of days to process, I can’t believe I'm typing this out. But in typical Trump fashion, he brushed it off, pumped his fist, and created the most iconic photo in the history of the United States. His campaign confirmed he was unharmed, and this morning traders and investors seem to be “all in” on Donald J. Trump. Literally.
Trump Media & Technology Group (TMTG), which uses Trump’s initials DJT as its ticker, has been a wild stock to watch since its debut on March 26 this year.
The attempted assassination has pushed the share price towards levels not seen since May. This morning, the company's shares were up by as much as 71% in pre-market trading before settling at around 50%. If this trend holds when the markets officially open, it would add nearly $3 billion to the company’s valuation.
Neil Wilson, the chief analyst at brokerage firm Finalto, described the share price surge as a “bet on Trump.” He noted that the assassination attempt has likely improved Trump’s chances of reclaiming the White House, drawing more people to his social media platform, Truth Social.
Truth Social, launched after Trump was banned from mainstream social media following the January 6 Capitol riots, remains a cornerstone of his digital strategy despite his reinstatement on platforms like Facebook, Instagram, and X (formerly Twitter). The stock has followed Trump's highs and lows right alongside him. It peaked at over $79 when it first started trading in March, only to plummet to a low of $22.84 in mid-April as Trump’s criminal hush-money trial began.
The excitement didn’t stop with Trump Media. Bitcoin and the broader cryptocurrency market is starting to get confident again. Bitcoin hit a two-week high, and stocks for companies like Coinbase Global, Riot Platforms Inc, and Marathon Digital jumped between 6% and 7%.
Devin Nunes, CEO of Trump Media, offered heartfelt sympathies to those affected by the attack and called for a thorough federal investigation. He also emphasized the need for extra security to ensure Trump’s safety. Analysts now suggest that the assassination attempt might have actually bolstered Trump’s chances in the November election, given the market's enthusiastic reaction.
Despite its struggles—including a $327.6 million net loss in the first quarter and a modest user base on Truth Social—the recent surge in stock prices indicates that investors still believe in Trump’s potential comeback. It looks like the market is betting big on the Trump show, with everyone realizing he almost took a bullet for our country and still has the stones to not drop out despite being a billionaire.
(Source: Reuters)
Stock.News does not have positions in companies mentioned.
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