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shares of trump media Stocks soared on Monday, a day after former President Donald Trump returned to Butler, Pennsylvania, the site of the July 13 assassination attempt, for a rally with Tesla CEO Elon Musk. did.
The stock was trading at around $19 per share as of 12:30 p.m. ET, up about 15% on high volume.
At Butler on Sunday, Musk took to the stage in the middle of Trump’s 90-minute speech, praising the Republican presidential candidate and calling himself a “dark MAGA” instead of “just a MAGA.”
“This is not a normal election,” Musk said. “President Trump must win to protect the Constitution. He must win to protect American democracy.”
The billionaire entrepreneur’s first public support for President Trump came hours after the July 13 assassination attempt. Since then, Musk has become a major supporter of Trump’s campaign.
Musk also founded a pro-Trump political action committee, America PAC, which came under investigation earlier this year after complaints about voter data. No further action was subsequently taken against PAC and the investigation was closed.
Meanwhile, President Trump said that if elected, he would create a government efficiency commission proposed by Musk to audit the entire federal government and reduce waste. Trump also hinted at the possibility of appointing Musk to lead the committee.
Trump Media said in a previous regulatory filing that the success of its flagship product, Truth Social, depends on Trump’s popularity and continued use of the platform. Trump owns nearly 57% of the company’s stock.
Trump Media shares have generally been on a downward trend since they soared following Trump’s first assassination attempt in July. The stock hit a 52-week low on September 23 and has since steadily recovered despite recent developments. reports of confusion In-house.
Trump Media disclosed in a regulatory filing Thursday that Chief Operating Officer Andrew Northwall resigned at the end of September.
In the same filing, the company announced it would release approximately 800,000 shares of its stock to early investors following an order from a Delaware judge who found Trump Media had breached its contract with those investors.