The share price and trading volume of Trump Media, the parent company of Truth Social, have soared following the assassination attempt on former President Donald Trump. Trump Media shares are up thirty percent, with a massive trading volume exceeding 76 million shares of DJT changing hands on Monday.
This spike is ten times the stock’s 30-day average, reflecting heightened investor interest. Trump, the majority shareholder in the company, has seen volatile trading in recent months, especially after his felony conviction, which caused the stock to plummet almost fifty percent. Despite reporting a net loss of over $300 million in the first quarter and struggling to grow its user base, the recent surge indicates renewed confidence among investors.
Bitcoin has also experienced a significant rise, hitting a two-week high following the assassination attempt. The world’s largest cryptocurrency saw its value increase by six percent, trading at over $63,000 at one point on Monday. Analysts suggest that this bump is due to market perceptions of an increased chance of victory for the crypto-friendly candidate Donald Trump in the upcoming U.S. presidential election.
Although Trump has previously expressed skepticism towards cryptocurrency, he is now viewed as broadly supportive of the sector. He is scheduled to speak at the Bitcoin2024 conference in Nashville later this month, alongside notable figures such as Robert F. Kennedy Jr., Edward Snowden, Russell Brand, Vivek Ramaswamy, and Tennessee Republican Senators Bill Hagerty and Marsha Blackburn. The conference, which will take place from July 25 to 27, is expected to highlight Trump’s advocacy for financial freedom and support for the American Bitcoin industry.
The assassination attempt on Trump has raised serious security concerns. Thomas Matthew Crooks, the would-be assassin, was shot and killed by a Secret Service sniper after opening fire at a campaign rally. Police had been alerted by Crooks’ parents hours before the attack, but the response from law enforcement remains unclear. Crooks had posted a cryptic message on the gaming platform Steam, indicating his plans, and was found carrying a remote detonator and a phone.
Local law enforcement was stationed in a building adjacent to where Crooks climbed, leading to questions about potential security lapses. The United States Secret Service has admitted that Crooks hid his weapon in advance, and by the time he was spotted on the roof, he was already holding an AR-15. Crooks managed to strike four people, resulting in the death of 50-year-old Corey Comperatore and serious injuries to David Dutch and James Copenhaver.
As Trump recovers and prepares for his appearance at the Bitcoin2024 conference, the events of the past week underscore the unpredictable nature of the current political and financial landscape.
