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  • Truth Social Shares Surge After Trump Survives Assassination Attempt

    Truth Social Shares Surge After Trump Survives Assassination Attempt

    By Faarea Masud and Natalie Sherman, Business Reporters, BBC News

    Shares in Donald Trump’s social media company, Truth Social, surged after the former president survived an assassination attempt on Saturday. The company’s stock, managed by Trump Media, closed up about 31%, having risen as much as 70% in pre-market trading before stabilizing.

    Market Reactions and Analyst Insights

    The spike in share price reflects investor optimism about Mr. Trump’s improved chances in the upcoming U.S. presidential election. A bullet grazed Mr. Trump’s ear during an election rally, but the attacker was quickly neutralized 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 following the incident. Billionaire Elon Musk is among those who have endorsed Mr. Trump since the attack.

    Susan Schmidt, head of public equity at the State of Wisconsin Investment Board, noted, “As the election intensifies, investors are betting that more individuals will tune in to the social media platform to express their views and be among the first to view the postings from President Trump and his team.”

    Wall Street analyst Cary Leahey commented, “This is a trade about the election more than the business. If [Trump’s] 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.”

    Company Background and Performance

    Mr. Trump established Trump Media and Technology Group in 2021 after being banned from major social media platforms following the Capitol Hill riots. Truth Social, modeled after Twitter (now X), boasts approximately 2 million active users, though figures vary by source. Mr. Trump remains the majority shareholder.

    At a current share price of roughly $40, Mr. Trump’s holdings are valued at around $5 billion, a figure many analysts believe is not justified by the company’s sales and operations. The stock price has fluctuated significantly, often tied to Mr. Trump’s personal and political fortunes.

    Earlier this year, the stock rallied after Mr. Trump’s primary victories and debut on the Nasdaq, but it slumped at the start of his criminal trial in April, which resulted in a fraud conviction related to hush-money payments to adult-film actress Stormy Daniels. Despite the recent surge, the share price is still below March levels.

    “There is no current fundamental business performance of the company that supports this price, but buyers are likely political supporters purchasing shares to support the President’s wealth ahead of the election,” said Thomas J Hayes, chairman of Great Hill Capital.

    The Assassination Attempt

    Images of Mr. Trump, with blood on his face, defiantly raising his fist after the assassination attempt, stirred his supporters. “I was saved by luck or God,” Mr. Trump later told U.S. media. He explained that a timely turn of his head spared him from a fatal injury.

    The attack resulted in one audience member’s death and serious injuries to two others. The gunman, identified as Thomas Matthew Crooks, was killed by Secret Service. The motive behind the shooting remains unclear.

    Source: BBC News

  • Live Updates: Shooting at Trump Rally Investigated as Assassination Attempt

    Donald Trump was whisked off the stage at a rally in Butler, Pennsylvania after apparent gunshots rang through the crowd. He quickly ducked behind the podium as agents from his protective detail rushed the stage and screams rang out from the crowd.

    Trump’s Condition: In a statement shared by his campaign, a Trump spokesman said the former president is “fine” and is being checked at a medical facility. The Secret Service also said in a statement that “the former President is safe.”

    Shooter and Attendee Killed: A shooter is dead and a rally attendee was killed, the Butler County District Attorney tells AP.

    Biden Briefed: The White House said President Joe Biden has received an “initial briefing” on the incident.

    Recent Developments:

    Trump Campaign Advisor Deletes Post: Trump campaign senior adviser Chris LaCivita responded to the shooting with a post on X. “well of course they tried too keep him off the ballot, they tried to put him in jail and now you see this …,” he wrote. The post was later deleted.

    Secret Service Statement: The shooter was engaged by members of the U.S. Secret Service counterassault team and killed, according to two officials who spoke on the condition of anonymity to discuss the ongoing investigation.

    Obama’s Statement: Former President Barack Obama said in a statement, “There is absolutely no place for political violence in our democracy.” He added that while details were still scarce, “we should all be relieved that former President Trump wasn’t seriously hurt, and use this moment to recommit ourselves to civility and respect in our politics.”

    Law Enforcement Investigation: The shooting at former President Trump’s rally in Pennsylvania is being investigated as an attempted assassination of the former president and presumptive Republican nominee, law enforcement officials say.

    Condemnation of Political Violence: “Political violence is terrifying. I know,” said former Rep. Gabby Giffords. “I’m holding former president Trump, and all those affected by today’s indefensible act of violence in my heart. Political violence is un-American and is never acceptable—never.”

    Increased Police Presence in NYC: A spokesperson for New York Mayor Eric Adams said that out of “an abundance of caution,” the city’s police department will increase its presence across the city, including at Trump Tower and 40 Wall Street.

    Insights and Reactions:

    David McCormick’s Eyewitness Account: Pennsylvania Republican Senate candidate David McCormick, who was sitting in the front row, told Politico that it appeared someone behind him was shot. “All the sudden shots started to crack, someone behind me appears to have been shot,” McCormick said. “There’s lots of blood, and then the Secret Service were all over President Trump.”

    Secret Service Protection: Trump, as a former president, retains Secret Service protection for life under federal law. As the presumptive Republican nominee who is frequently in the public eye, he received added protective assets.

    Biden’s Updated Briefing: President Biden received an updated briefing on the Trump rally incident from Kimberly Cheatle, the director of the United States Secret Service, Homeland Security Secretary Alejandro Mayorkas, and White House homeland security adviser Liz Sherwood-Randall.

    Buttigieg’s Statement: Transportation Secretary Pete Buttigieg called this a “horrible moment” in a statement Saturday and said he was encouraged to hear Trump was doing well. He added that “an entire nation must speak with one voice today to completely and unequivocally reject all political violence.”

    Source: APNews