Former President Donald Trump’s personal net worth experienced a notable surge on Monday, just days after surviving an assassination attempt in Pennsylvania.
Trump’s net worth increased by roughly $1.2 billion on Monday, a 21.8% rise according to Forbes’s real-time tracker. This significant boost stemmed from investors’ rush to invest in Trump Media & Technology Group (TMTG), the company behind his social media platform, Truth Social.
Trump Media stock soared by over 35% in trading on Monday, with earlier gains exceeding 50%. The stock is currently 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 of the company’s shares.
Trump, who is the presumptive Republican presidential nominee, was injured in a shooting at a campaign rally in Butler, Pennsylvania, on Saturday, an incident being investigated as an assassination attempt.
Videos from the rally showed Trump being quickly surrounded by Secret Service officers as gunshots were heard, before being rushed offstage with blood visible on his right ear. Trump is safe and plans to announce his pick for vice president 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 injured in the shooting. Pennsylvania residents David Dutch and James Copenhaver are in stable condition, according to state police. Corey Comperatore of Sarver, Pennsylvania, was killed in the attempt.
The gunman, identified as 20-year-old Pennsylvania resident Thomas Matthew Crooks, was shot dead by the Secret Service. Authorities have yet to determine 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 stated on Saturday.
Trump Media stock, known for its volatile trading and often referred to as a meme stock, is especially sensitive to news involving Trump. Late last month, Trump’s performance at the first presidential debate against Biden caused Trump Media stock to spike, though the gains were short-lived. Since its debut on the Nasdaq on March 26, Trump Media stock has dropped more than 40%.