Trump Media & Technology Group (NASDAQ: DJT) experienced a significant surge in its shares, climbing over 33% in early trading on a Monday. This dramatic increase was triggered by an assassination attempt on the company’s founder, former President Donald Trump, during a rally in Pennsylvania. Trump, utilizing his platform Truth Social, recounted the harrowing experience, which led to a brief hospitalization. Despite the severity of the incident, Trump was released the same night, with his doctor calling his survival a “miracle.”
Following this event, DJT’s stock opened at an impressive 49% higher than the previous session’s close, eventually stabilizing around $40.98 by late morning. This movement is indicative of the stock’s volatility, which has been closely linked to Trump’s political activities, especially noticeable during his current re-election campaign. The company, primarily owned by Trump, launched Truth Social after Trump was banned from several major platforms, including Twitter, in early 2021. Despite efforts, the platform has struggled to significantly grow or maintain its user base, reporting a substantial first-quarter net loss of $300 million.
The stock symbol DJT has seen a significant price increase, now at $42.06, marking a notable rise of 36.17% with an absolute change of $11.17. Throughout the trading day, the price fluctuated between a low of $38.06 and a high of $46.26. Over the year, DJT has reached a peak of $79.38 and a low of $13.03. The company’s market capitalization stands at approximately $7.99 billion, with a trading volume of about 67.13 million shares.
Devin Nunes, CEO of Trump Media, expressed his condolences for the casualties of the assassination attempt and emphasized the importance of federal investigation and security support for Trump. The incident has not only sparked discussions about its potential impact on the upcoming election but also influenced political discourse, pausing discussions about President Biden potentially stepping aside for a new Democratic candidate following a challenging debate performance. This shift in focus underscores the unpredictable nature of the current political landscape, marked by intense scrutiny and heightened emotions.
The assassination attempt and the subsequent surge in DJT’s stock price highlight the intertwining of political events and financial markets, particularly for companies closely associated with political figures. The volatility of DJT’s stock, influenced by Trump’s political activities and the public’s reaction to them, reflects the broader dynamics at play in the intersection of politics, public sentiment, and the stock market.
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About Trump Media & Technology Group Corp.
The mission of Trump Media & Technology Group Corp. is to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back. Trump Media & Technology Group operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations. For more information, visit the company’s website at www.TMTGCorp.com.
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