Truth Social shares climb 30% following Trump's assassination attempt in Pennsylvania

By bellecarter // 2024-07-21

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Shares of former President Donald Trump's Truth Social rose by 30 percent days after the July 13 assassination attempt on him during a Pennsylvania campaign rally. During the New York Stock Exchange's early trading on July 15, the stock price of Trump Media & Technology Group (TMTG) – Truth Social's parent – spiked by 30 percent to $40. Its shares began rising in pre-market trading immediately after the assassination attempt. The numbers were the highest for the stock in more than a month, but still well below the peak of about $62. At current prices, Trump's 114.75 million shares in TMTG are worth nearly $5 billion up from $3.5 billion on June 12, the day before Trump was shot at the political rally. (Related: Trump shot, survives ASSASSINATION ATTEMPT in Pennsylvania; shooter, one rally attendee killed, others wounded.) "The stock serves as a little bit of a proxy for sentiment toward Trump himself," said Tyler Richey, an analyst at Sevens Report Research. "I think there's a resurgence of people who think, 'This is a life-or-death situation, we're going all in.'" For months, TMTG has been a way for investors to bet on Trump in regaining his White House seat back. His social media platform has become the primary platform for presidential communications. Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that traders are already speculating that Trump's chances of winning in November have gone up significantly in the past few days. "You are seeing the Trump trade on steroids here. DJT is the go-to," Tuttle said. Trump's felony conviction in his hush-money case in May caused Truth Social stock to tumble by about 15 percent, before soon rallying higher than the pre-conviction level. In March, shares vaulted from an initial offering price of about $50 to a peak of nearly $80. Over the ensuing two weeks, the price fell nearly 70 percent, reaching a low of about $23. Truth Social generated roughly $4 million in revenue last year, as per government filings. The company also reported $58 million in net losses over that period. By comparison, Instagram-parent Meta delivered nearly $135 billion in revenue last year, company earnings reveal. The strong performance for Truth Social on Monday could grant the company an opportunity to reinvest funds and improve the service, Richey said. He noted the possibility of an increase in users as Trump draws continued attention in the coming months. "The financials are atrocious, but the prospects – while a little doubtful – are still there. If this generates a significant uptick in users, then that could be bullish. Or it becomes a blip of short-term optimism."

Trump refuses to return to X despite Musk's endorsement and pledges

Despite Elon Musk expressing his support and pledging to donate a whopping $45 million every month to Trump's political action committee, the former president still won't tweet on X. This is because he has an exclusive deal with Truth Social under TMTG. According to Business Insider, his posts have to be exclusive to Truth Social for six hours before they can be posted elsewhere. But Trump hasn't really posted since 2021 on the platform, which Musk acquired in October 2022. The only posts he made featured his mugshot in Fulton County and a link to his website last August. The outlet continued that the endorsement and pledge aren't the only things Musk has offered to Trump. When he took over Twitter prior to changing its name to X, one of the first things he did was reinstate the 45th U.S. president's account. The platform's previous owners under the leadership of Jack Dorsey banned Trump following the false-flag Jan. 6 riot. Trump hasn't posted to Instagram or Facebook either, two platforms owned by Mark Zuckerberg's Meta. It had banned the former president's accounts after Jan. 6, but reinstated them in 2023. Check out the latest news about former President Donald Trump on Trump.news. Watch the video below that talks about the full timeline of Trump's assassination attempt. This video is from The Pete Santilli Show channel on Brighteon.com.

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Trump refuses to return to X despite Musk's endorsement and pledges

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