Former President Donald Trump’s personal net worth saw a significant increase on Monday, just days after he survived an assassination attempt in Pennsylvania.
Trump added approximately $1.2 billion to his net worth on Monday, representing a 21.8% rise, according to Forbes’s real-time tracker. This surge is primarily driven by investors’ enthusiasm for Trump Media & Technology Group (TMTG), the parent company of his social media platform, Truth Social.
Stocks of Trump Media soared more than 35% on Monday, after experiencing gains of over 50% before the market opened. The stock is currently trading at around $42 per share, giving the company a market capitalization of $7.98 billion.
Trump is the majority shareholder of Trump Media, owning nearly 65% of the company’s outstanding common stock as of June 10, making him the largest stakeholder.
The former president, who is the presumptive Republican presidential nominee, was injured in a shooting at a campaign rally in Butler, Pennsylvania, on Saturday. The incident is under investigation as an assassination attempt.
Videos of the event show Trump being surrounded by Secret Service agents as gunshots were fired, before being escorted offstage with blood coming from his right ear. Despite the incident, Trump is safe and plans to announce his vice presidential pick Monday at 4:30 p.m. ET during the Republican National Convention in Milwaukee, Wisconsin. He is also expected to speak to delegates on Thursday.
At least three other individuals were affected during the shooting. Pennsylvania residents David Dutch and James Copenhaver were injured and are in stable condition, according to state police. Corey Comperatore of Sarver, Pennsylvania, was fatally shot during the assassination attempt.
The gunman, Thomas Matthew Crooks, a 20-year-old Pennsylvania man, was shot and killed by the Secret Service. Authorities have not yet determined Crooks’ motives.
Trump Media CEO Devin Nunes has called for a “fast, thorough federal investigation,” as well as additional security measures. “America will overcome this despicable shooting and together, our nation will endure,” Nunes stated on Saturday.
Trump Media stock, often considered a meme stock due to its volatile trading regardless of the company’s actual prospects, is highly responsive to any news involving the former president. Late last month, Trump’s performance at the first presidential debate against Biden caused a spike in Trump Media stock; however, these gains started to diminish days later. Since its debut on the Nasdaq on March 26, Trump Media stock has declined by more than 40%.