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In a dramatic turn of events, shares of Trump Media & Technology Group Corp. (Nasdaq: DJT) soared in pre-market trading Monday, following an assassination attempt on former President Donald Trump and subsequent endorsement from Tesla CEO Elon Musk.
The incident, which occurred during a campaign rally in Butler, Pennsylvania on Saturday, has sent shockwaves through the political landscape and financial markets.
Donald Trump Survives Assassination Attempt
On July 13, 2024, Trump was shot in the upper right ear while addressing supporters at a rally near Butler, Pennsylvania. The assailant, identified as 20-year-old Thomas Matthew Crooks from Bethel Park, Pennsylvania, fired eight rounds from an AR-15-style rifle before being fatally shot by a Secret Service Counter Assault Team sniper.Despite the attack, Trump displayed remarkable resilience. After taking cover behind the lectern, he emerged with a bloodied face, raised his fist, and shouted “Fight! Fight! Fight!” to the crowd. One rally attendee, 50-year-old Corey Comperatore, was killed in the incident, while two others were critically injured.The former president was quickly escorted off stage by Secret Service agents and taken to Butler Memorial Hospital. He was released a few hours later in stable condition and has since returned to New Jersey. Trump confirmed he would attend the Republican National Convention on July 15 as planned.
Elon Musk Endorses Donald Trump, DJT and Tesla Stock on the Rise
In the aftermath of the attack, Elon Musk took to X (formerly Twitter) to voice his support for Trump. “Last time America had a candidate this tough was Theodore Roosevelt,” Musk wrote, implying that this moment might have secured Trump’s victory in the upcoming presidential election.
The tech mogul’s endorsement, coupled with the sympathetic response to the assassination attempt, appears to have galvanized investor sentiment.As of 8:47 AM EDT on Monday, DJT stock, representing Trump Media & Technology Group Corp., the company behind Trump’s social media platform Truth Social, was trading at $45.75 in pre-market, up 48.11% from its previous close of $30.88.
The company, which went public through a SPAC merger in 2023 and is closely associated with the former president’s media ventures, saw its market capitalization surge to $5.864 billion.
Year-to-date, DJT has posted an impressive return of 76.43%, reflecting investor enthusiasm for Trump-affiliated businesses, despite reporting negative earnings per share of -$0.43 over the trailing twelve months.Meanwhile, Tesla (Nasdaq: TSLA) also saw a boost in pre-market trading, with shares up 3.89% to $257.89. The electric vehicle manufacturer boasts a market cap of $791.655 billion and a price-to-earnings ratio of 63.49, reflecting investor optimism in the wake of Musk’s high-profile political commentary.As markets open, investors will be closely watching both DJT and TSLA stocks, as well as broader market reactions to the weekend’s unprecedented events.More By This Author:Goldman Sachs Exceeds EPS Forecast With $8.62 In Q2 2024
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