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Shares of Trump Media soared Monday, a day after former President Donald Trump returned to Butler, Pennsylvania, the site of his July 13 assassination attempt, to rally with Tesla CEO Elon Musk.
Shares were up roughly 15% as of 12:30 p.m ET with heavy volume, and the stock was trading around $19.00 per share.
In Butler on Sunday, Musk came up on stage midway through Trump’s 90-minute speech, to praise the Republican presidential nominee and to call himself “not just MAGA” but “Dark MAGA.”
“This is no ordinary election,” said Musk. “President Trump must win to preserve the Constitution. He must win to preserve democracy in America.
The billionaire entrepreneur first publicly endorsed Trump for president in the hours after the July 13 failed assassination attempt. Musk has been a key supporter of the Trump campaign ever since.
Musk also created a pro-Trump political action committee, America PAC, which came under investigation earlier this year after voter data complaints. The probes have since been closed without further action taken against the PAC.
Trump, in turn, has said he would create a Musk-proposed government efficiency commission if he is elected president, to audit and cut waste throughout the federal government. Trump also suggested he would tap Musk to lead the commission.
In previous regulatory filings, Trump Media stated that the success of its chief 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 been on an overall downward trend since a spike following Trump’s first assassination attempt in July. Shares hit a new 52-week low on Sept. 23 and since then have been steadily recovering, despite recent reports of turmoil inside the company.
Trump Media revealed in a regulatory filing Thursday that chief operating officer Andrew Northwall had resigned in late September.
In the same filing, the company announced that it will release nearly 800,000 shares of its stock to an early investor by order of a Delaware judge, who found that Trump Media had breached an agreement with that investor.
