Truth Social shares surge after Trump shooting

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Shares in Donald Trump's social media company have surged after he survived an assassination attempt on Saturday.

Shares in Trump Media, which runs the Truth Social platform, opened for formal trading on Monday up about 30%. The pirce had risen as much as 70% over the weekend before falling back again.

Analysts said the gains reflected bets that the shooting had improved Mr Trump's chances of winning the US presidential election in November.

A bullet caught the former president's ear during one of his election rallies, shortly before the gunman was shot dead by a Secret Service sniper.

"I’m supposed to be dead, I’m not supposed to be here,” Mr Trump said in one of his first interviews since the attack.

Billionaire Elon Musk is among those who have formally endorsed Mr Trump since the shooting.

"This is a trade about the election more than the business," said Wall Street analyst Cary Leahey, noting that Truth Social had been struggling to grow.

"If his 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.

Mr Trump founded the Trump Media and Technology Group in 2021 after he lost the 2020 presidential election and was temporarily booted off major social platforms, including Twitter and Facebook, which accused him of inciting violence after the Capitol Hill riots.

It social media platform, Truth Social, largely follows the same format as X, formerly Twitter, and has about 2 million active users, although claims vary according to difference sources.

Mr Trump is the majority shareholder.

At the current share price - roughly $40 a share - his holdings are worth roughly $5bn - far more than analysts say is justified by the company's sales and operations.

The firm's share price has been notoriously volatile, often tied to events in Mr Trump's life - and his election odds.

Shares in the firm started rallying in January, after Mr Trump defeated Republican challengers in the primaries.

They soared further after the company formally debuted on the Nasdaq stock exchange in March, but slumped at the start of his criminal trial in April, in which he was later convicted of fraud charges linked to hush-money that was paid to adult-film actress Stormy Daniels.

The current share price remains below levels seen in March.

On Saturday, images of Mr Trump holding up his fist defiantly to show he had survived the assassination attempt elicited roars from his supporting crowd.

Mr Trump later told US media he felt that he had been saved "by luck or by God".

“The most incredible thing was that I happened to not only turn [my head] but to turn at the exact right time and in just the right amount," he said, adding that the bullet that grazed his ear could have easily killed him.

One audience member was killed in the attack, while two other people were seriously injured. The gunman has been named as Thomas Matthew Crooks.

The motive of the shooter remains unclear.