Speculation around former President Donald Trump’s re-election chances following an attempted assassination has spurred a significant rise in bitcoin and various stocks, including a notable surge for his social media company.
Shares in Trump Media & Technology Group Corp. (DJT) surged over 50% in premarket trading as Trump arrived in Milwaukee for the Republican National Convention, just days after the shocking incident that resulted in one death and two injuries.
The company's stock, which operates the Truth Social platform, saw a 54.4% increase in Monday’s premarket trades, setting it up to open at its highest point in about six weeks. Betting markets have suggested that Trump's re-election chances have risen after the attempt on his life.
Despite being shot in the right ear at a rally in Butler, Pa., on Saturday, Trump, who owns a 65% stake in the company, announced on Truth Social that he would still attend the Republican National Convention.
“Based on yesterday’s terrible events, I was going to delay my trip to Wisconsin, and The Republican National Convention, by two days, but have just decided that I cannot allow a ‘shooter,’ or potential assassin, to force change to scheduling, or anything else,” Trump wrote.
The Truth Social parent company had seen a 76.5% increase in 2024 through Friday, while the S&P 500 index had advanced 17.7%.
Elsewhere, Tesla shares rose 3.9% in premarket trades. Elon Musk, the CEO of Tesla and SpaceX and owner of the social media platform X, which competes with Truth Social, endorsed Trump’s candidacy for president following the shooting.
Leading cryptocurrencies and related stocks continued their rise on Monday, possibly in reaction to a potential Republican victory in the upcoming election and the associated political instability.
Bitcoin rose 4.7% after surpassing $60,000 for the first time since mid-June on Sunday. Ethereum was up 4.7% and Solana increased by 4.6%.
Crypto exchange Coinbase Global Inc. saw a 5.1% rise, while MicroStrategy Inc., one of the largest publicly traded holders of bitcoin, increased by 8.1%. Spot bitcoin ETFs also climbed, with BlackRock’s iShares Bitcoin Trust up 8.9%, Grayscale Bitcoin Trust up 8.9%, the ARK 21Shares Bitcoin ETF up 8.8%, and the VanEck Bitcoin Trust up 8.8%.
Bitcoin miners also saw gains, with Marathon Digital Holdings Inc. up 5.6%, Ebang International Holdings Inc. up 5%, and Riot Platforms Inc. up 5.8%.
Other sectors also saw increases following the attempted assassination. Shares of firearm and ammunition makers rose, with Smith & Wesson Brands Inc. up 7%, Sturm Ruger & Co. up 5%, and Ammo Inc. up 7.8%.
Prison-related stocks also climbed, with CoreCivic Inc. up 7.4% and Geo Group Inc. up 6.1%.
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