Trump Media experienced a significant surge in its stock price on the first day of trading following an assassination attempt on former President Donald Trump. This surge was accompanied by a federal judge in Florida dismissing a classified documents trial involving Trump due to concerns over the appointment of the special prosecutor.
Shares of the owner of the social networking site Truth Social saw a remarkable increase of over 35% in early trading. The U.S. Secret Service is currently investigating how a gunman armed with an AR-style rifle managed to access a nearby roof and shoot and injure the former president during a rally in Pennsylvania.
The Secret Service reported that the gunman, who was subsequently killed, fired multiple shots at the stage from an elevated position outside the rally venue. Trump sustained injuries, including a bullet piercing the upper part of his right ear, while a spectator tragically lost their life.
In the classified documents case, U.S. District Judge Aileen Cannon granted a defense motion to dismiss the case, thereby nullifying what was considered one of the most serious legal threats faced by Trump at the time. The stock of Trump Media, trading under the ticker symbol 'DJT,' has displayed extreme volatility since its debut in late March, aligning it with meme stocks that are subject to sharp fluctuations as retail investors seek to capitalize on market movements.
Noteworthy price swings occurred following events such as President Biden's debate performance and Trump's conviction in a hush money trial. Trump was found guilty by a New York jury of falsifying business records in a scheme involving hush money payments to a porn actor to influence the 2016 election illegally.
Trump Media disclosed a loss exceeding $300 million in the last quarter, as per its initial earnings report after becoming a publicly traded entity. The stock has exhibited double-digit percentage fluctuations in a single day, reaching a peak of nearly $80 in intraday trading on March 26. In comparison, the S&P 500 has seen an 18% increase year-to-date.
