The assassination bid on Former President Donald Trump saw a dip in Trump Media and Technology Group's stock prices.
Following a near-fatal attack on Donald Trump at a Florida golf club, shares of his media company witnessed a significant drop, Fox Business reported.
On Sunday, an assassination attempt targeted Donald Trump outside the Trump International Golf Club in West Palm Beach, Florida. This alarming incident led to the apprehension of the assailant, identified as Ryan Wesley Routh, who was armed with a rifle.
Trump Media and Technology Group, wherein Trump holds a 57% share, saw its stock prices fall nearly 4% to $17.30 by Monday afternoon. Trump's stock, which surged by 30% the previous Friday after he committed to retaining his shares and staying with Truth Social, reversed gains following the attack.
Trump's decision against selling his stake in the company or departing from Truth Social, a platform under the Trump Media umbrella, spurred the stock's boost on Friday.
The recent assassination attempt is the second in nearly two months; the first occurred in Butler, Pennsylvania, where someone shot Trump in the ear. That event similarly shook political and financial circles.
Trump Media, initially valued at nearly $10 billion following its March stock market listing, is especially sensitive to Trump's political fortunes. The stock is often seen as a speculative bet, largely favored by retail traders. However, recent political developments, including Joe Biden’s decision not to seek re-election and a decrease in Trump's poll numbers, have negatively impacted the stock's value.
Moreover, the impending opportunity for Trump and other company insiders to sell their shares could increase the number of available shares on the market, potentially putting further pressure on the stock price.
Here is what former President Donald Trump said about his ongoing commitment to Trump Media and Truth Social before the attack: The former president told the press he would not sell his shares in the firm and that he would not leave the social media platform.
Elon Musk, responding to the news of the latest assassination attempt on Trump, emphasized the heightened political tension surrounding the former president. His statement headlined "MUSK RESPONDS TO SECOND ATTEMPTED TRUMP ASSASSINATION" underscores the broader implications of such violent acts on political and business stability.
The fluctuating fortunes of Trump Media's stock highlight its speculative nature and its vulnerability to Trump’s political prospects. With insiders poised to possibly unload shares, the market is bracing for additional shifts. This illustrates the complex interplay between politics and financial markets, especially concerning figures as polarizing as Donald Trump.
Sources from within the company have expressed concern regarding the stock’s volatility, especially in light of these recent events. The broader market's reaction to political developments and potential insider sales could define the next phase of Trump Media's financial journey.
After the second assassination attempt, the spotlight once again falls on Trump's political and business endeavors, signaling uncertain times for investors and stakeholders of Trump Media.
