Shares of Trump Media & Technology Group surged 67 per cent to around $50 in premarket trading in New York on Monday as odds of former US president Donald Trump’s victory rose after an assassination attempt at a rally in Pennsylvania over the weekend.
The premarket rally has set Donald Trump’s media company on course to erase a 37 per cent slump since the end of May.
Trump was shot in the ear at the Pennsylvania rally on Saturday. Moments later, he pumped his fist, and his campaign said he was fine.
Trump Media holds a majority stake in the operator of the social media platform Truth Social, launched after Trump’s ban from major sites following the 2021 Capitol riot. Retail investors mostly hold the remaining shares.
So far this year, Trump Media stock is up 75 per cent.
Crypto stocks, prison operators, and other shares that could benefit from Donald Trump’s presidency in the US also jumped during premarket trading.
Shares of crypto exchange Coinbase Global, bitcoin miners Riot Platforms Inc., and Marathon Digital gained between 6 per cent and 7 per cent.
The former US president is seen as pro-cryptocurrency.
Prison stocks Geo Group and CoreCivic also surged about 7 per cent each as both are potential beneficiaries of a Trump presidency as he has promised to crack down on illegal immigration, which could boost demand for detention centres.
Gun maker Smith & Wesson Brands rose 2.7 per cent.
Software developer Phunware, hired by Trump’s 2020 presidential re-election campaign to build a phone app, jumped 50 per cent, while video-sharing platform Rumble, popular with conservatives, added 18 per cent.
US stock futures advanced on increased bets that Donald Trump would win the presidential election after an assassination attempt.
S&P 500 contracts climbed 0.4 per cent.
The US 30-year Treasury yield rose above the two-year for the first time since January.
