Former President Donald Trump’s personal net worth saw a significant increase on Monday, just days after surviving an assassination attempt in Pennsylvania.
Trump’s net worth rose by approximately $1.2 billion, equating to a 21.8% increase, as per Forbes’s real-time tracker. This surge is primarily due to investors rushing to invest in Trump Media & Technology Group (TMTG), the company behind his social media platform, Truth Social.
Trump Media stock saw a rise of more than 35% in trading on Monday, after experiencing gains exceeding 50% before the market opened. The stock is now trading at around $42 per share, giving it a market capitalization of $7.98 billion.
The former president is the majority shareholder of Trump Media, holding nearly 65% of the company’s outstanding common stock as of June 10, making him the largest owner.
Trump, the leading Republican presidential candidate, was injured during a shooting at a campaign rally in Butler, Pennsylvania, on Saturday, which is being investigated as an assassination attempt.
Footage of the incident showed Secret Service agents quickly surrounding Trump as gunshots were heard, before escorting him offstage as he bled from his right ear. He is safe after the shooting and plans to announce his vice-presidential pick on Monday at 4:30 p.m. ET during the Republican National Convention in Milwaukee, Wisconsin. He is also expected to address delegates on Thursday.
At least three other individuals were injured during the shooting. Pennsylvania residents David Dutch and James Copenhaver are in stable condition, according to state police. Corey Comperatore of Sarver, Pennsylvania, was fatally shot during the attack.
The gunman, identified by authorities as Thomas Matthew Crooks, a 20-year-old Pennsylvania man, was killed by the Secret Service. His motives are still under investigation.
Trump Media CEO Devin Nunes has called for a “swift, thorough federal investigation” and additional security resources. “America will overcome this despicable shooting and together, our nation will endure,” Nunes stated on Saturday.
Trump Media stock is often considered a meme stock due to its volatile trading activity, which is heavily influenced by 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, gains which it began to lose in the following days. Since its Nasdaq debut on March 26, Trump Media stock has fallen by more than 40%.