Shares of Trump Media rose 15% after Elon Musk joined the campaign rally

Trump Media & Technology Group the stock rose more than 15% in the month after Tesla (TSLA) and SpaceX boss Elon Musk appeared alongside former President Donald Trump at a campaign rally on Saturday.

Shares of the company behind Trump’s right-wing social media platform, Truth Social, were trading at $19.01 each Monday afternoon, bringing its market cap to $3.81 billion.

The increase reversed some of the stock’s recent losing streak, which has seen the company’s shares fall nearly 70 percent since debuting on the Nasdaq in late March.

The former president held a rally in Butler, Pennsylvania — the site of a assassination attempt against Trump in mid-July. Musk, who has been a vocal supporter of the Republican presidential nominee’s latest bid for the White House, joined Trump on stage at the rally.

A few hours after the assassination attempt, Musk publicly endorsed Trump for the first time in a post on his social media platform, X (THE TARGET). At campaign event Saturday, Musk said ‘nothing is more important’ than voting for Trump, Politico reported.

“President Trump must win to preserve the Constitution. He has to win to preserve democracy in America,” Musk said. He repeated the statements made earlier in a post on X late last month, if Vice President and Democratic nominee Kamala Harris wins, this will be the “last election.”

If elected, Trump has floated Musk’s appointment lead a new government commission that would be dedicated to auditing and recommending changes to improve the efficiency of the federal government. For his part, Musk said he was “willing to serve” in the office of the former president.

Much of Trump Media’s market performance has was dependent on the company’s connection with the namesake — and became a proxy for his campaign success and electoral chances.

Trump Media itself said in regulatory filings that its “success depends in part on the popularity of its brand and the reputation and popularity” of Trump, and that “adverse reactions to publicity relating to (Trump), or the loss of its services, could adversely affect revenues and results of TMTG operations.”

With the election just weeks away, New York Times polls show Harris leading Trump by just a few points, including in key battleground states like Pennsylvania and Wisconsin.