Shares of Trump Media surged on Monday, following former President Donald Trump’s rally in Butler, Pennsylvania—the site of his July 13 assassination attempt—where he was joined by Tesla CEO Elon Musk.
By 2 p.m. ET, the stock had risen approximately 13%, trading around $19.00 per share with significant volume.
During the event, Musk took the stage midway through Trump’s 90-minute speech, praising the Republican presidential nominee and referring to himself as “not just MAGA,” but “Dark MAGA.”
“This is no ordinary election,” Musk stated. “President Trump must win to preserve the Constitution. He must win to preserve democracy in America.”
Musk publicly endorsed Trump shortly after the July assassination attempt and has been a steadfast supporter of his campaign. He also established a pro-Trump political action committee, America PAC, which faced investigation earlier this year over voter data complaints. Those inquiries have since been closed without any action against the PAC.
In return, Trump has suggested creating a government efficiency commission proposed by Musk if he is re-elected, aiming to audit and reduce waste in federal spending, and indicated he might ask Musk to lead that effort.
In previous filings, Trump Media noted that the success of its primary product, Truth Social, is closely tied to Trump’s popularity and usage of the platform. Trump owns nearly 57% of the company’s stock.
Despite an overall downward trend since a spike following Trump’s first assassination attempt in July, Trump Media shares have been steadily recovering since hitting a new 52-week low on September 23. This recovery comes amid reports of internal turmoil at the company, including the recent resignation of Chief Operating Officer Andrew Northwall, as disclosed in a regulatory filing last Thursday.