Its company operates its Truth Social platform, jumped $9.98 to $40.87 during trading in the morning. This is a turnaround of the six-week decline of Trump Media shares, which have shown volatile trading patterns since it went publicly traded in the month of March.

Trump Media — whose ticker symbol, “DJT,” is identical to the initials of former president Barack Obama is considered by some as an meme stock because its wildly fluctuating prices are driven by the popularity of social media rather than the basic business metrics that investors generally seek, like revenue and profit growth.

The assassination attempt that was unsuccessful could help Trump’s chances of winning the presidential election in November, according to The Economist’s prediction model is now offering Trump an odds of 3:4 probability of winning, experts have said.

“[T]he events of the past few weeks — Joe Biden’s shockingly poor debate performance, followed by Saturday’s attempted assassination of Donald Trump — all but guarantee a strong Republican performance in November’s U.S. elections,” Louis Vincent Gave, CEO of the investment research company Gavekal reported in a statement.

Trump’s wealth increases after shooting

The surge in Trump Media’s shares adds around $1.9 billion in value to the company’s market, increasing its market capitalization to $7.8 billion according to financial data firm FactSet. Trump’s stake – as the ex-president is currently the firm’s largest shareholder, holding an estimated 114 million shares increased in $1.2 billion, which puts it as high as $4.7 billion.

The surge now gives the fledgling social media company a market capitalization that rivals many established businesses, such as U.S. Steel, which booked $4.2 billion revenue during the initial period. Trump Media, by its own measure, recorded sales of $770,500 during the same time frame.

The majority of shareholders in Trump Media are small investors who bought shares to show their appreciation for Trump’s former presidency. Because of this, certain Wall Street observers have noted that the company can serve as a gauge of Trump’s odds of winning reelection.

According to Truth Social, members of an online group that focuses on DJT shares early on Monday suggested that the stock may increase in value after the shooting on Saturday. There was speculation that investors who had shorted the stock might get caught in a “short squeeze,” or when short sellers have to purchase shares to cover their positions when the shares of a company go up instead of falling in the manner they bet.

“Don’t even think about selling yet … this is just the beginning,” one from the group posted on Monday’s morning. Another wrote, “If you don’t own DJT, you are not a patriot.”

Aimee Picchi

Aimee Picchi works as the assistant managing editor of CBS MoneyWatch, where she is responsible for personal and business finance. She previously worked for Bloomberg News and has written for major news outlets like USA Today and Consumer Reports.