Former President Donald Trump’s personal net worth surged significantly on Monday, just days after surviving an assassination attempt in Pennsylvania.
Trump’s net worth increased by approximately $1.2 billion on Monday, marking a 21.8% rise according to Forbes’s real-time tracker. This boost is largely attributed to investors rushing to acquire shares of Trump Media & Technology Group (TMTG), the parent company of his social media platform Truth Social.
Trump Media stock rose more than 35% in trading on Monday, after initially jumping over 50% before the market opened. The stock is currently trading at around $42 per share, bringing its market capitalization to $7.98 billion.
The former president holds nearly 65% of the outstanding common stock in Trump Media, making him the largest shareholder of the company.
Trump, the presumptive Republican presidential nominee, was injured in a shooting incident at a campaign rally in Butler, Pennsylvania on Saturday, which is being investigated as an attempt on his life.
Videos of the incident showed Trump being quickly surrounded by Secret Service officers as shots were fired, before being escorted offstage with blood coming from his right ear. He is safe 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 expected to address delegates on Thursday.
At least three other individuals were injured during the shooting. Pennsylvania residents David Dutch and James Copenhaver were harmed but are in stable condition, as reported by state police. Corey Comperatore of Sarver, Pennsylvania, was fatally shot during the attempt.
The gunman was identified by authorities as Thomas Matthew Crooks, a 20-year-old Pennsylvania man, who was shot dead by the Secret Service. His motives remain unclear.
Trump Media CEO Devin Nunes has called for a “fast, thorough federal investigation,” and additional security measures. “America will overcome this despicable shooting and together, our nation will endure,” Nunes stated on Saturday.
Trump Media stock, often regarded as a meme stock due to its volatile trading activity unrelated to the company’s actual performance, is particularly sensitive to any news involving the former president. Last month, Trump’s performance in the first presidential debate against Biden caused Trump Media stock to soar, though it began to lose those gains days later. Since its debut on the Nasdaq on March 26, Trump Media stock has fallen over 40%.