Former President Donald Trump’s net worth surged significantly on Monday, just days after surviving an assassination attempt in Pennsylvania.
According to Forbes’s real-time tracker, Trump’s net worth increased by approximately $1.2 billion, marking a 21.8% rise. This boost is mainly attributed to investors flocking to Trump Media & Technology Group (TMTG), the company that owns his social media platform, Truth Social.
Trump Media stock soared over 35% in trading on Monday, reaching gains of over 50% before the market opened. The stock is currently trading at around $42 per share, giving it a market capitalization of $7.98 billion.
As of June 10, the former president is the majority shareholder of Trump Media, holding almost 65% of the outstanding common stock, making him the largest owner.
Trump, who is the presumptive Republican presidential nominee, was injured in a shooting at a campaign rally in Butler, Pennsylvania, on Saturday. The incident is being investigated as an assassination attempt.
Videos of the event showed Trump being rushed offstage by Secret Service officers as gunshots rang out, with blood visible on his right ear. Despite the shooting, the former president 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 expected to address delegates on Thursday.
At least three other people were harmed 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 shot and killed in the assassination attempt.
The shooter, identified as Thomas Matthew Crooks, a 20-year-old Pennsylvania man, was shot dead by the Secret Service. Authorities have not yet determined Crooks’ motives.
Trump Media CEO Devin Nunes has called for a “fast, thorough federal investigation” and additional security resources. “America will overcome this despicable shooting and together, our nation will endure,” Nunes said in a statement on Saturday.
The stock of Trump Media, often considered a meme stock due to its volatile trading activity, is highly sensitive to news involving the former president. Late last month, Trump’s performance at the first presidential debate against Biden caused Trump Media stock to spike, although those gains began to diminish days later. Since its debut on the Nasdaq on March 26, Trump Media stock has declined by more than 40%.