New Delhi. Former US President Donald Trump was attacked during an election rally in Butler, Pennsylvania on Saturday. In this attack, a bullet hit his ear but his condition is fine. The attacker has been shot dead. At the same time, Trump has become rich due to the rise in the shares of his media company after the attack.
After the attack, the value of Trump’s social media company increased on Monday. The stock price of Trump Media & Technology Group increased by 53 percent in premarket trading. This is the biggest single-day gain since the company’s launch in late March.
Trump’s 1147.5 lakh shares are worth about $5.6 billion
The value of Trump’s significant stake in Truth Social is rising rapidly. At current prices, the former president’s 1147.5 lakh shares in Trump Media are worth about $5.6 billion. This is higher than Friday’s level of $3.5 billion.
Trump Media has a huge valuation despite low revenue
Trading under the ticker symbol DJT, Trump Media has commanded massive valuations despite generating little revenue, and Truth Social remains a small player in the social media space. Experts said Trump Media is a meme stock. It trades on momentum and hype, not fundamentals.
Bitcoin also rose after the attack on Trump
Let us tell you that Trump has been a supporter of cryptocurrency. After the attack on Trump, the most traded cryptocurrency Bitcoin jumped by 2.1 percent and the price went up to $ 59,849.84. However, later the gain decreased and the price came down to around $ 59,426.
Tags: Donald Trump, Share market, Stock market
FIRST PUBLISHED : July 15, 2024, 18:47 IST