Shares of Trump Media & Technology Group Corp. ( DJT ) , the media firm owned by former President Donald Trump are on fire in premarket trading on Monday.

The sharp spike comes in the wake of the weekend shooting incident at a Republican rally held in Pennsylvania, which is a key battleground state. Trump was led off the stage by Secret Service agents in Butler, Pennsylvania, Saturday evening with blood visible on his face after shots rang out.

Trump reached toward his face and dove behind the podium before Secret Service agents piled on top of him. In footage posted online of the rally, Trump appeared to ask the Secret Service agents to wait and pumped his fist in the air before he was led offstage.

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Following the incident, the odds of a Trump victory have spiked, with data available on the prediction market platform Polymarket showing 71% odds of the former president retaking the White House compared to a more modest 18% odds in favor of President Joe Biden.

Biden’s election prospect was just recovering from his post-presidential debacle when Saturday’s incident came as another setback, pushing him to the backfoot yet again.

TMTG’s surge is premised on expectations that a Trump victory is positive for the company, which owns the Truth Social platform. Trump has a majority 64.9% stake in TMTG thanks to the 114.7 million shares he owns in the company, according to filings by the company. The company went public on March 26 following the consummation of its long-delayed merger with the SPAC, Digital World Acquisition Corp.

Since then the stock has had a volatile ride and traded between a high and low of $79.38 (post-SPAC merger high) and $22.55 (Apr. 16).

In premarket trading, the stock jumped 52.51% to $47.11, according to Benzinga Pro data.

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