'DJT' stock soars after Elon Musk joins Trump at Butler rally

By James Rogers

The stock is on pace for its biggest gain since July 15, the first trading session after an assassination attempt against Donald Trump in Pennsylvania

Shares of Trump Media & Technology Group Corp. are up 14.2% Monday, two days after Tesla Inc. CEO Elon Musk joined former President Donald Trump onstage at a rally in Butler, Pa.

The rally marked Trump's return to the site of a failed assassination attempt in July.

The operator (DJT) of the social-media platform Truth Social is on pace for its biggest gain since July 15, the first trading session after the assassination attempt, when it rose 31.37%, Dow Jones Market Data show. The stock, which is trading around $18.84, is also on pace for its highest close since Aug. 30, 2024, when it closed at $19.50.

Related: From Trump's 'DJT' social-media stock to crypto plays, here's what rose after assassination attempt on former president

"The true test of someone's character is how they behave under fire," Musk said as Trump stood beside him at Saturday's rally. "We had one president who couldn't climb a flight of stairs and another who was fist-pumping after getting shot," he added, to applause from the crowd.

Musk, who is also the founder and CEO of SpaceX and the owner of the social-media platform X, formerly Twitter, is arguably Trump's highest-profile supporter. He regularly uses X to express his support for the former president.

Trump described the Tesla (TSLA) CEO as "a truly incredible guy" during Saturday's rally. "He saved free speech, he created so many different great things," he said.

Related: Elon Musk, Bill Ackman say they are endorsing Trump for president

The former president owns a 57% stake in Trump Media & Technology Group, which went public through a merger with the special-purpose acquisition company Digital World Acquisition Corp. on March 26.

Shares of Trump Media & Technology Group are up 6% in 2024, compared with the S&P 500's SPX gain of 20.3%.

-James Rogers

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10-07-24 1157ET

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