After the early surge, shares in Trump Media, which owns Truth Social, are still up around 50% in pre-market trade, when shares can be bought and sold before the market officially opens.
“The assassination attempt is treated by some traders as a sign that Trump is even more likely to win the election,” said Wall Street analyst Cary Leahey.
“This is a trade about the election more than the business. This is a firm struggling to grow. If his chances of being elected go up, is his firm more valuable? Some traders think so.
“I am confident that if Biden dropped out, Truth Social shares would go down,” he added.
Mr Trump founded the Trump Media and Technology Group in 2021 after he lost the 2020 presidential election and was temporarily booted from major social platforms, including Twitter and Facebook, which accused him of inciting violence after the Capitol Hill riots.
Truth Social largely follows the same format as X, formerly Twitter, and has about 2 million active users, although claims vary according to difference sources.
Mr Trump is the majority shareholder.
Shares in Trump Media have been volatile ever since the stock debuted on the Nasdaq in March this year, often tied to events in Mr Trump’s life.
On Monday, Mr Trump told US media he felt that he had been saved “by luck or by God”.
“The most incredible thing was that I happened to not only turn [my head] but to turn at the exact right time and in just the right amount,” he said, adding that the bullet that grazed his ear could have easily killed him.
One audience member was killed in the attack, while two other people were seriously injured. The gunman has been named as Thomas Matthew Crooks.
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