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’s net worth jumped by approximately $1.2 billion, which is a 21.8% rise, according to Forbes’s real-time tracker. This surge is largely attributed to investors’ eagerness to acquire shares in Trump Media & Technology Group (TMTG), the company behind his social media platform, Truth Social.
Trump Media stock soared more than 35% in trading on Monday, having reached gains of over 50% before the market opened. Currently, the stock is trading at around $42 per share, giving the company a market capitalization of $7.98 billion.
As of June 10, Trump holds almost 65% of the outstanding common stock in Trump Media, making him the majority shareholder.
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, which is being investigated as an assassination attempt, showed Trump being swarmed by Secret Service officers as gunshots were heard. He was quickly escorted offstage, bleeding from his right ear. Trump is reportedly safe and plans to announce his vice-presidential pick at 4:30 p.m. ET on Monday during the Republican National Convention in Milwaukee, Wisconsin. He is also expected to address the 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 shot and killed.
The assailant, identified as 20-year-old Thomas Matthew Crooks from Pennsylvania, was shot dead by the Secret Service. The motives behind the attack remain unknown.
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 stated on Saturday.
Trump Media stock, often labeled as a meme stock due to its volatile trading activities, reacts strongly to any news involving the former president. Late last month, Trump’s performance at the first presidential debate against Biden led to a spike in Trump Media stock, gains which it began to lose shortly thereafter. Since its debut on the Nasdaq on March 26, Trump Media stock has declined by over 40%.