(qlmbusinessnews.com Tues. 16th July, 2024) London, UK —
Truth Social Shares Skyrocket Following Attempt on Trump’s Life
Shares in Donald Trump's social media firm, Trump Media, soared after the former president survived an assassination attempt on Saturday. The company, which operates the Truth Social platform, saw its shares open on Monday with a 30% increase, having surged as much as 70% over the weekend before settling.
Analysts attribute the rise to speculation that the incident has boosted Trump’s prospects in the upcoming US presidential election in November. During an election rally, a bullet grazed Trump’s ear before a Secret Service sniper neutralised the gunman.
In one of his first interviews post-attack, Trump stated, “I’m supposed to be dead, I’m not supposed to be here.” Among those endorsing Trump since the incident is billionaire Elon Musk.
Susan Schmidt, head of public equity at the State of Wisconsin Investment Board, noted, “As the election intensifies, investors are betting that more individuals will tune in to the social media platform to express their views as well as be among the first to view the postings from President Trump and his team.”
However, Wall Street analyst Cary Leahey remarked that the trading activity is more reflective of election speculation than the company’s business performance, highlighting Truth Social's struggle to grow. “If [Trump's] chances of being elected go up, is his firm more valuable? Some traders think so. I am confident that if Biden dropped out, Truth Social shares would go down,” he added.
Trump founded Trump Media and Technology Group in 2021 after losing the 2020 election and being banned from major social platforms for inciting violence during the Capitol Hill riots. Truth Social, similar to Twitter, has about 2 million active users, though figures vary.
With shares priced at approximately $40 each, Trump’s stake is valued at around $5 billion, significantly more than analysts deem justified by the company’s actual sales and operations. The firm’s share price is known for its volatility, often tied to events in Trump’s life and his election prospects.
Shares began to rally in January after Trump won the Republican primaries, surging further upon Trump Media’s debut on the Nasdaq in March. However, they fell during Trump’s criminal trial in April, in which he was convicted of fraud charges linked to payments made to adult-film actress Stormy Daniels. The current share price remains below its March peak.
Thomas J Hayes, chairman of Great Hill Capital, commented, “There is no current fundamental business performance of the company that supports this current ‘price' but buyers are likely political supporters purchasing shares to support the President's wealth ahead of the election.”
Images of Trump defiantly raising his fist post-assassination attempt drew cheers from his supporters. Trump later told US media he believed he was saved “by luck or by God,” explaining that the bullet could have easily killed him had he not turned his head at the right moment.
The attack resulted in the death of one audience member and serious injuries to two others. The shooter, identified as Thomas Matthew Crooks, was killed at the scene. The motive remains unclear.
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For more business newsTruth Social Shares Skyrocket Following Attempt on Trump’s Life
Shares in Donald Trump's social media firm, Trump Media, soared after the former president survived an assassination attempt on Saturday. The company, which operates the Truth Social platform, saw its shares open on Monday with a 30% increase, having surged as much as 70% over the weekend before settling.
Analysts attribute the rise to speculation that the incident has boosted Trump’s prospects in the upcoming US presidential election in November. During an election rally, a bullet grazed Trump’s ear before a Secret Service sniper neutralised the gunman.
In one of his first interviews post-attack, Trump stated, “I’m supposed to be dead, I’m not supposed to be here.” Among those endorsing Trump since the incident is billionaire Elon Musk.
Susan Schmidt, head of public equity at the State of Wisconsin Investment Board, noted, “As the election intensifies, investors are betting that more individuals will tune in to the social media platform to express their views as well as be among the first to view the postings from President Trump and his team.”
However, Wall Street analyst Cary Leahey remarked that the trading activity is more reflective of election speculation than the company’s business performance, highlighting Truth Social's struggle to grow. “If [Trump's] chances of being elected go up, is his firm more valuable? Some traders think so. I am confident that if Biden dropped out, Truth Social shares would go down,” he added.
Trump founded Trump Media and Technology Group in 2021 after losing the 2020 election and being banned from major social platforms for inciting violence during the Capitol Hill riots. Truth Social, similar to Twitter, has about 2 million active users, though figures vary.
With shares priced at approximately $40 each, Trump’s stake is valued at around $5 billion, significantly more than analysts deem justified by the company’s actual sales and operations. The firm’s share price is known for its volatility, often tied to events in Trump’s life and his election prospects.
Shares began to rally in January after Trump won the Republican primaries, surging further upon Trump Media’s debut on the Nasdaq in March. However, they fell during Trump’s criminal trial in April, in which he was convicted of fraud charges linked to payments made to adult-film actress Stormy Daniels. The current share price remains below its March peak.
Thomas J Hayes, chairman of Great Hill Capital, commented, “There is no current fundamental business performance of the company that supports this current ‘price' but buyers are likely political supporters purchasing shares to support the President's wealth ahead of the election.”
Images of Trump defiantly raising his fist post-assassination attempt drew cheers from his supporters. Trump later told US media he believed he was saved “by luck or by God,” explaining that the bullet could have easily killed him had he not turned his head at the right moment.
The attack resulted in the death of one audience member and serious injuries to two others. The shooter, identified as Thomas Matthew Crooks, was killed at the scene. The motive remains unclear. stories also follow us on Facebook, X and Youtube.
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