Prior to the stock market on July 15th, Trump Media Technology Group surged by over 75%, while Tesla rose by over 5%.
Trump Media Technology Group is a social media company founded by former US President Donald Trump. The company's flagship product is "Truth Social," a social media platform similar to Twitter
On March 26, 2024, the Trump Media Technology Group was officially listed on the NASDAQ exchange under the stock code "DJT" through its merger with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company (SPAC).
After the "Capitol Hill riots" on January 6, 2021, then US President Trump was banned on two social media platforms, Facebook and Twitter, due to his involvement. In October of that year, Trump founded the Trump Media Technology Group and launched "Real Social" in early 2022 to compete with existing social media giants.
It is worth mentioning that Musk spoke out after the shooting incident at Trump's campaign rally.
On the 14th local time, billionaire and Tesla CEO Elon Musk posted on social media, "I fully support President Trump and hope he (Trump) recovers soon." He also said, "The last time such a strong candidate appeared in the United States was Theodore Roosevelt
Subsequently, Musk also stated that "the Director of the Secret Service and the leaders of this security force should resign.