Shares of Trump Media & Technology Group (DJT), parent company of Truth Social, surged over 30% on Monday following an assassination attempt on former President Donald Trump during a rally in Pennsylvania over the weekend. Trump, who was grazed by a bullet, was rushed off stage by security. The stock soared to an intraday high of $46.27 before closing at $40.58.
Tesla CEO Elon Musk endorsed Trump for the 2024 election on Saturday, further boosting Tesla stock, which climbed 1.8% to $252.64. Trump Media, despite financial struggles, saw renewed investor confidence due to anticipated positive impacts on Wall Street if Trump wins the election.
In other news, a federal judge dismissed the classified documents case against Trump, citing improper appointment of the special counsel.
Despite its financial volatility and comparisons to meme stocks, Trump Media remains valuable, with Trump’s stake worth over $4.6 billion. The assassination attempt and subsequent support from high-profile figures like Musk and Bill Ackman have significantly influenced investor sentiment.
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