Its business operates the Truth Social platform, jumped $9.98 to $40.87 during trading on the early hours of the morning. This is an improvement from the six-week drop in Trump Media shares, which have been characterized by fluctuating trading patterns since the company was public in the month of March..

Trump Media — its ticker symbol, “DJT,” is identical to the initials of the former President Barack Obama is considered by certain as a “meme stock” because its highly fluctuating prices are influenced by the ubiquity of social media more than the more basic financial metrics that investors usually are looking for, such as revenue and profit growth.

The attempted assassination that failed may have helped Trump’s chances of winning November election for president According to the Economist’s prediction model, which is giving Trump 3:4 odds chance of winning, experts have stated.

“[T]he events of the past few weeks — Joe Biden’s shockingly poor debate performance, followed by Saturday’s attempted assassination of Donald Trump — all but guarantee a strong Republican performance in November’s U.S. elections,” Louis Vincent Gave, CEO of the investment research firm Gavekal released an announcement.

Trump’s wealth grows after the shooting

The rise of Trump Media’s stock adds $1.9 billion worth of value to the market for the company and raises the market capitalization of the company to $7.8 billion, according to financial data company FactSet. Trump’s stake as the former president is the company’s biggest shareholder, with approximately 11 million shares, which increased by $1.2 billion. This could put the total at $4.7 billion.

The increase has now given the company, which is still in its early stages, an estimated market value that is comparable to the larger companies for example, U.S. Steel, which recorded $4.2 billion in revenues in its initial time. Trump Media, by its own estimation, logged sales of $770,500 in the same time period.

The majority of the shareholders of Trump Media are small investors who purchased shares in order to express their gratitude for the former president’s presidency. This is why certain Wall Street observers have noted that the company may serve as a measure of the probability of Trump’s winning his reelection.

Based on Truth Social, members of an online group focused on DJT shares on Monday morning indicated that the stock could gain value after the shooting that occurred on the weekend. There was speculation that investors who bought shares short could be trapped in the “short squeeze,” or the situation where short sellers must buy shares for the protection of their losses when stocks of the company rise upwards instead of falling as they’d hoped.

“Don’t even think about selling yet … this is just the beginning,” one of the group wrote on Monday morning. Another posted “If you don’t have DJT You aren’t the patriot you should be. “

A href=”https://investors.ussteel.com/news-events/news-releases/detail/676/united-states-steel-corporation-reports-first-quarter-2024 #:~:text=PITTSBURGH%2D%2D(BUSINESS%20WIRE)%2D%2D,or%20%240.78%20per%20diluted%20share. “> Aimee Picchi

Aimee Picchi is manager assistant at CBS MoneyWatch, where she is responsible for personal as well as business finances. She previously worked at Bloomberg News and has written for major news publications such as USA Today and Consumer Reports.